Security researchers at McAfee Avert Labs have uncovered a fake "AntiSpyware Center" website purporting to be from Microsoft.
The rogue site promotes a fake anti-spyware application called AntiSpyStorm, according to Avert Labs researcher Rahul Mohandas.
"Avert has blogged about rogue anti-spyware applications such as SystemDoctor, and we have probably classified several hundreds of them, if not thousands," Mohandas said in a blog post. "This threat appears to be a successor to the trojan FakeAlert-D."
The phony anti-spyware website offers an “online security scanner” that claims to search the visitor's system for viruses and spyware. After the fake examination, the site presents users with a fake list of trojans, prompting the user to download and install an ActiveX control to remove the threats.
The trojan then hijacks the infected PC's home page, shows fake alerts and exaggerated security threats and urges the user to install a trial version of AntiSpyStorm.
After installation, the phony product offers a free system scan, which reports a number of false positives. Users are prompted by AntiSpyStorm to download the full version, which attempts to trick the victim into entering credit card details to buy the non-existent product.
"The rogue anti-spyware is detected with the current DATS [McAfee virus-definition files] as 'Adware-AntiSpyStorm' and the fake ActiveX control is detected as 'FakeAlert-T,'" Mohandas said in his blog.
http://www.scmagazineus.com/Fake-Microsoft-ant-spyware-site-stealing-credit-card-info/article/57989/
Monday, November 5, 2007
Escaping Late Fee charges on your Credit Card
It's a little known fact that late fees account for an IMMENSE proportion of credit card companies' profits, as much as 30% in the case of some lenders! You may never have encountered a 'late fee' before, but if you use a credit card, you probably will! Forget to pay off the bill one month, or misplace a bill, and the next month you will see a new entry on your statement - the dreaded 'Late Fee'. Credit cars companies make money in a number of ways, such as charging you interest on your balance, imposing fees on merchants, and so on. As competition in the credit card market has hotted up recently, card companies have started to shave down these 'reputable' costs charged to their 'good' customers, and to raise the charges against the 'bad' customers. The idea, of course is to keep their customer base up, by making the 'good' ones feel wanted, while hitting the 'bad' customers every which way they can.
What this means is that if you pay late, you are effectively subsidising those who either pay off their bills in full each month, or run away from their debts by filing for bankruptcy. Late fees vary from lender to lender, but typically start at around theten dollar mark, and go up over forty dollars. Interestingly, these fees are arbitrary, meaning the credit card corporations can charge whatever they think they can get away with, and have doubled on average in the last 5 years. And the revenue from this source soon ads up! Imagine half a million borrowers catching a median 17 dollar late fee! Thats... $8.5 million!!! No wonder the lenders like it so much!
All very interesting, I hear you say, but what can you do if you are staring down the barrel of a late fee and can't pay??! Use a skip payment service! For less than 70% of an average late fee, a skip payment service will handle the nastiness of the situation for you, and most importantly of all, there will be NO bad mark on your record, and NO credit reference listing that might impact your creditworthiness at a future date. The saving in cash terms may appear small, but believe you me, once you start acquiring bad credit listings, life becomes a LOT harder. Use skip agencies to avoid this at all costs! Where can you find a payment agency? Come on down to www.nodebtever.com!
About The Author
Alan Trent advises on bad debts at www.nodebtever.com the free site for sorting out debt problems.
What this means is that if you pay late, you are effectively subsidising those who either pay off their bills in full each month, or run away from their debts by filing for bankruptcy. Late fees vary from lender to lender, but typically start at around theten dollar mark, and go up over forty dollars. Interestingly, these fees are arbitrary, meaning the credit card corporations can charge whatever they think they can get away with, and have doubled on average in the last 5 years. And the revenue from this source soon ads up! Imagine half a million borrowers catching a median 17 dollar late fee! Thats... $8.5 million!!! No wonder the lenders like it so much!
All very interesting, I hear you say, but what can you do if you are staring down the barrel of a late fee and can't pay??! Use a skip payment service! For less than 70% of an average late fee, a skip payment service will handle the nastiness of the situation for you, and most importantly of all, there will be NO bad mark on your record, and NO credit reference listing that might impact your creditworthiness at a future date. The saving in cash terms may appear small, but believe you me, once you start acquiring bad credit listings, life becomes a LOT harder. Use skip agencies to avoid this at all costs! Where can you find a payment agency? Come on down to www.nodebtever.com!
About The Author
Alan Trent advises on bad debts at www.nodebtever.com the free site for sorting out debt problems.
How to Avoid Credit Card Late Fees
Everyone hates late fees and being late will cost you dearly these days. For some credit cards today, if you're late, you will have to shell out as much as $40 each time. This can put a nice sized hole in your pocket really quick.
Below, I will provide you with some tips and strategies on how to steer clear of those monstrous late fees. This will not only save you a lot of money in the long run, but it will also keep those money-hungry credit card companies, I won’t mention any names, from getting your hard earned money.
Just pay your bill. One of the easiest ways of avoiding a late fee is to just pay your bill each and every month by sending in a check, money order, or other type of payment to your respective credit card issuer. Just make sure you follow the numerous guidelines, which are usually outlined on the back of each credit card bill, on how to send in your payment. These guidelines must be followed precisely if you want to guarantee that your payment will go through on time.
Payment guidelines may include everything from a specific payment address to the time of day by which the payment must be received to be credited that day. Many issuers also stipulate that payments must arrive in the preprinted envelope sent to the customer.
While the Fair Credit Billing Act requires issuers to credit payments the day they are received, each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.
An on-time payment could easily become late during that five-day period, so follow those payment guidelines carefully.
Just skip the payment. One of the more rare types of methods you hear of are Skip-A-Payment services. You can use these services to skip mortgage, credit card, or loan payments. Usually you would need to get in contact with your bank just to see if you even qualify or not. There are also independent companies out there that will allow you to do the same thing, no matter what bank you are a member of. Depending on whose service you use, the fee’s associated with it vary. When you use these types of services make sure you know how much you will be charged then decide if it’s worth it or not.
Pay minimum due immediately. One of the best ways to prevent a late fee from being charged to your account is to pay the minimum due immediately. As soon as you receive your bill, send in the minimum due. This will always insure that your credit card issuer received payment. You can always send in more money later if you decide otherwise. This is a great way to avoid missing a payment because if you forget to send extra money you can guarantee that you won’t be charged a late fee because the minimum due has been already been paid.
Move your due date. Are your credit card bills due at a time of the month when you're running low on cash? Many people have trouble saving money, so when it comes time to paying their credit card bills, they don’t have any cash to do so. One particular solution is to move your due date. Many credit card issuers will allow you to set your own due date to meet your specific needs. If you have trouble saving money, move your due date to a time when you do have money, like as soon as you get your paycheck. If you time your credit card bill to come the same day you get paid, you will always have cash to pay the bill.
Pay by phone. If you are one of those people that wait to the last minute to do everything or if you just forgot to send in your credit card payment early enough, you could always pay by phone. This guarantees that your payment will be on time. Just supply the representative on the other line with your checking account number and your bank routing number, which is printed at the bottom of each check. Usually the routing number is first and the account number is second. A lot of issuers allow you to pay by phone and some will charge you a pretty penny for doing so. Fee’s can range from $5 to $20.
Use other express methods. If your bank does not offer a “pay by phone” service and you need to get your payment to your credit card issuer as soon as possible, I recommend either sending your payment in by express mail or by Western Union. Either one of these services can get your payment to your credit card issuer immediately. These express methods are costly, but it will always most likely be cheaper than any fees associated with being late. Make sure you send your express payment to the proper address. Many issuers have separate payment addresses for express payments. The last thing you want to do is slow the processing of an express payment by sending it to the wrong address.
Daryl Flagg is the founder and CEO of Next Month Online. Next Month Online is a service that allows its visitors to skip credit card payments. They can be found at http://www.NextMonthOnline.com. Sign up for free!
Article Source: http://EzineArticles.com/
http://www.creditcard-s.org/credit-card-articles.html
Below, I will provide you with some tips and strategies on how to steer clear of those monstrous late fees. This will not only save you a lot of money in the long run, but it will also keep those money-hungry credit card companies, I won’t mention any names, from getting your hard earned money.
Just pay your bill. One of the easiest ways of avoiding a late fee is to just pay your bill each and every month by sending in a check, money order, or other type of payment to your respective credit card issuer. Just make sure you follow the numerous guidelines, which are usually outlined on the back of each credit card bill, on how to send in your payment. These guidelines must be followed precisely if you want to guarantee that your payment will go through on time.
Payment guidelines may include everything from a specific payment address to the time of day by which the payment must be received to be credited that day. Many issuers also stipulate that payments must arrive in the preprinted envelope sent to the customer.
While the Fair Credit Billing Act requires issuers to credit payments the day they are received, each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.
An on-time payment could easily become late during that five-day period, so follow those payment guidelines carefully.
Just skip the payment. One of the more rare types of methods you hear of are Skip-A-Payment services. You can use these services to skip mortgage, credit card, or loan payments. Usually you would need to get in contact with your bank just to see if you even qualify or not. There are also independent companies out there that will allow you to do the same thing, no matter what bank you are a member of. Depending on whose service you use, the fee’s associated with it vary. When you use these types of services make sure you know how much you will be charged then decide if it’s worth it or not.
Pay minimum due immediately. One of the best ways to prevent a late fee from being charged to your account is to pay the minimum due immediately. As soon as you receive your bill, send in the minimum due. This will always insure that your credit card issuer received payment. You can always send in more money later if you decide otherwise. This is a great way to avoid missing a payment because if you forget to send extra money you can guarantee that you won’t be charged a late fee because the minimum due has been already been paid.
Move your due date. Are your credit card bills due at a time of the month when you're running low on cash? Many people have trouble saving money, so when it comes time to paying their credit card bills, they don’t have any cash to do so. One particular solution is to move your due date. Many credit card issuers will allow you to set your own due date to meet your specific needs. If you have trouble saving money, move your due date to a time when you do have money, like as soon as you get your paycheck. If you time your credit card bill to come the same day you get paid, you will always have cash to pay the bill.
Pay by phone. If you are one of those people that wait to the last minute to do everything or if you just forgot to send in your credit card payment early enough, you could always pay by phone. This guarantees that your payment will be on time. Just supply the representative on the other line with your checking account number and your bank routing number, which is printed at the bottom of each check. Usually the routing number is first and the account number is second. A lot of issuers allow you to pay by phone and some will charge you a pretty penny for doing so. Fee’s can range from $5 to $20.
Use other express methods. If your bank does not offer a “pay by phone” service and you need to get your payment to your credit card issuer as soon as possible, I recommend either sending your payment in by express mail or by Western Union. Either one of these services can get your payment to your credit card issuer immediately. These express methods are costly, but it will always most likely be cheaper than any fees associated with being late. Make sure you send your express payment to the proper address. Many issuers have separate payment addresses for express payments. The last thing you want to do is slow the processing of an express payment by sending it to the wrong address.
Daryl Flagg is the founder and CEO of Next Month Online. Next Month Online is a service that allows its visitors to skip credit card payments. They can be found at http://www.NextMonthOnline.com. Sign up for free!
Article Source: http://EzineArticles.com/
http://www.creditcard-s.org/credit-card-articles.html
Bring a credit card if you want an iPhone, and you only get two
Apple has apparently instituted a credit card-only policy for iPhone sales at its retail stores in order to guarantee supply for the holidays and frustrate potential resellers, according to multiple reports.
Would-be iPhone buyers must now present a credit or debit card if they want to take home an iPhone, and they're also now limited to just two units, as they were on iPhone Day, according to The Associated Press. The AP quoted an Apple representative explaining the move as a way of making sure there are enough iPhones for the holidays and to prevent unauthorized resellers from flooding the market.
It's not clear whether the same policy applies to AT&T stores. I e-mailed the Apple representative quoted in the AP report late Friday evening and haven't heard back.
Before Thursday, when the policy was implemented, you could walk into any Apple store and plunk down cash for up to five iPhones. While the concerns about supply are harder to gauge from a distance, the credit card policy seems designed to make sure buyers leave a paper trail.
You can't really enforce a purchasing limit if the customer pays cash. How would Apple know if I walked into the downtown San Francisco store this afternoon and bought two iPhones with cash, then drove over to the Stonestown Galleria or down the road to Palo Alto, and picked up two more? Would-be unlockers might also be wary about using a credit card to pay for their purchases, even though unlocking isn't illegal. Apple is definitely paying attention to the market for unlocked iPhones, estimating earlier this week that 250,000 people have purchased an iPhone with the intention of unlocking it from AT&T's network.
Apple is apparently well within their rights to refuse to accept cash, as outraged as our resident libertarians might feel. U.S. businesses don't have to accept cash if they don't want to, according to the U.S. Treasury's Web site, unless there is a state law that specifically requires them to accept cash.
I'm sure there are at least a few people who were thinking about equipping their family of four with iPhones this Christmas. The reports make it sound like the restriction will just last throughout the holidays, but that hasn't been clarified as of right now.
http://www.news.com/8301-13579_3-9805887-37.html
Would-be iPhone buyers must now present a credit or debit card if they want to take home an iPhone, and they're also now limited to just two units, as they were on iPhone Day, according to The Associated Press. The AP quoted an Apple representative explaining the move as a way of making sure there are enough iPhones for the holidays and to prevent unauthorized resellers from flooding the market.
It's not clear whether the same policy applies to AT&T stores. I e-mailed the Apple representative quoted in the AP report late Friday evening and haven't heard back.
Before Thursday, when the policy was implemented, you could walk into any Apple store and plunk down cash for up to five iPhones. While the concerns about supply are harder to gauge from a distance, the credit card policy seems designed to make sure buyers leave a paper trail.
You can't really enforce a purchasing limit if the customer pays cash. How would Apple know if I walked into the downtown San Francisco store this afternoon and bought two iPhones with cash, then drove over to the Stonestown Galleria or down the road to Palo Alto, and picked up two more? Would-be unlockers might also be wary about using a credit card to pay for their purchases, even though unlocking isn't illegal. Apple is definitely paying attention to the market for unlocked iPhones, estimating earlier this week that 250,000 people have purchased an iPhone with the intention of unlocking it from AT&T's network.
Apple is apparently well within their rights to refuse to accept cash, as outraged as our resident libertarians might feel. U.S. businesses don't have to accept cash if they don't want to, according to the U.S. Treasury's Web site, unless there is a state law that specifically requires them to accept cash.
I'm sure there are at least a few people who were thinking about equipping their family of four with iPhones this Christmas. The reports make it sound like the restriction will just last throughout the holidays, but that hasn't been clarified as of right now.
http://www.news.com/8301-13579_3-9805887-37.html
Credit card companies pursue subprime borrowers
As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
Direct mail credit card offers to subprime customers in the United States jumped 41 percent in the first half of this year, compared with the first half of 2006, according to Mintel International Group.
Direct mail offers intended for customers with the best credit fell more than 13 percent.
Yet, during this same period, defaults on subprime mortgages rose significantly. In June, nearly one in five subprime mortgages was at least 60 days past due, and more than one in 20 were in foreclosure, according to First American LoanPerformance, a firm in San Francisco that collects and analyzes mortgage data.
Though it seems counterintuitive to extend credit to households already struggling with debt, the meltdown in the housing and the mortgage markets probably led credit card issuers to increase their marketing to subprime customers, said Julie Lizer, the manager of custom research at Mintel.
As home values decline and lenders balk at writing subprime mortgages, these customers can no longer refinance and tap into home equity for cash.
That leaves credit cards as their only option, Lizer said.
The increase in direct mail to subprime customers tracks the slide in the housing market. In June, offers to these households were nearly double those of June 2005, near the peak of the U.S. housing market, she said. Mintel estimates mail volumes based on surveys of representative U.S. households.
"The companies are seeing a market need, and filling it by increasing mail to these consumers," Lizer said.
But consumer advocates worry that targeting subprime customers may worsen their problems.
"This causes us great concern that some major credit card issuers are marketing to people who are in a risky financial position," said Travis Plunkett, the legislative director of the Consumer Federation of America.
"It's another sign that some credit card issuers are engaging in risky, irresponsible lending to vulnerable consumers."
Plunkett, in Congressional testimony, cited research that showed fees charged to subprime borrowers making late card payments can exceed their interest payments.
Borrowers are classified as subprime if they have past credit problems, like late or missing payments.
The subprime mortgage meltdown has sent ripple effects throughout the economy. In recent months, several mortgage companies specializing in subprime loans, including New Century Financial, filed for bankruptcy.
The problem then spread to financial markets, wiping out hedge funds that invested heavily in subprime mortgages, and forcing the Federal Reserve and central banks of other nations to pump more than $100 billion into the global banking system to avert a credit crisis. Many financial analysts say the Fed may soon cut a key interest rate to stabilize the economy.
But card issuers say the flurry of marketing to subprime borrowers is a sign of healthy competition. Keith Leggett, a senior economist at the American Bankers Association, said direct mail offers were typically intended to lure customers who have credit cards away from competitors. This means better rates and terms for borrowers.
"Consumers should be grateful that we have a very competitive market," he said.
For credit card companies, the subprime market is a profitable one, analysts and consumer advocates say. Subprime customers, charged higher rates than those with better credit, are more likely to make minimum payments, maintaining balances that generate interest revenue for card issuers, consumer advocates said.
HSBC Holdings of London leads the direct mail surge, according to Mintel. Its mail offers to subprime households in the first six months of the year more than doubled from 2006.
http://www.iht.com/articles/2007/09/05/business/card.php
Direct mail credit card offers to subprime customers in the United States jumped 41 percent in the first half of this year, compared with the first half of 2006, according to Mintel International Group.
Direct mail offers intended for customers with the best credit fell more than 13 percent.
Yet, during this same period, defaults on subprime mortgages rose significantly. In June, nearly one in five subprime mortgages was at least 60 days past due, and more than one in 20 were in foreclosure, according to First American LoanPerformance, a firm in San Francisco that collects and analyzes mortgage data.
Though it seems counterintuitive to extend credit to households already struggling with debt, the meltdown in the housing and the mortgage markets probably led credit card issuers to increase their marketing to subprime customers, said Julie Lizer, the manager of custom research at Mintel.
As home values decline and lenders balk at writing subprime mortgages, these customers can no longer refinance and tap into home equity for cash.
That leaves credit cards as their only option, Lizer said.
The increase in direct mail to subprime customers tracks the slide in the housing market. In June, offers to these households were nearly double those of June 2005, near the peak of the U.S. housing market, she said. Mintel estimates mail volumes based on surveys of representative U.S. households.
"The companies are seeing a market need, and filling it by increasing mail to these consumers," Lizer said.
But consumer advocates worry that targeting subprime customers may worsen their problems.
"This causes us great concern that some major credit card issuers are marketing to people who are in a risky financial position," said Travis Plunkett, the legislative director of the Consumer Federation of America.
"It's another sign that some credit card issuers are engaging in risky, irresponsible lending to vulnerable consumers."
Plunkett, in Congressional testimony, cited research that showed fees charged to subprime borrowers making late card payments can exceed their interest payments.
Borrowers are classified as subprime if they have past credit problems, like late or missing payments.
The subprime mortgage meltdown has sent ripple effects throughout the economy. In recent months, several mortgage companies specializing in subprime loans, including New Century Financial, filed for bankruptcy.
The problem then spread to financial markets, wiping out hedge funds that invested heavily in subprime mortgages, and forcing the Federal Reserve and central banks of other nations to pump more than $100 billion into the global banking system to avert a credit crisis. Many financial analysts say the Fed may soon cut a key interest rate to stabilize the economy.
But card issuers say the flurry of marketing to subprime borrowers is a sign of healthy competition. Keith Leggett, a senior economist at the American Bankers Association, said direct mail offers were typically intended to lure customers who have credit cards away from competitors. This means better rates and terms for borrowers.
"Consumers should be grateful that we have a very competitive market," he said.
For credit card companies, the subprime market is a profitable one, analysts and consumer advocates say. Subprime customers, charged higher rates than those with better credit, are more likely to make minimum payments, maintaining balances that generate interest revenue for card issuers, consumer advocates said.
HSBC Holdings of London leads the direct mail surge, according to Mintel. Its mail offers to subprime households in the first six months of the year more than doubled from 2006.
http://www.iht.com/articles/2007/09/05/business/card.php
Tips for Managing Your Credit Cards
The Beginning of the Credit Card Era
In 1951, Diners Club issued the first credit card to 200 customers who could use it at 27 restaurants in New York City. From that modest beginning, credit cards have become an indispensable part of modern life. Consumers rely on credit cards to help them achieve their lifestyle goals by letting them take advantage of special bargains, spread payments out over several months, and provide cash in emergencies. Credit cards have become so widespread that they are often accepted as a piece of primary identification.
Getting the most from your credit cards involves four main steps:
# Use your credit cards wisely.
# Protect yourself against fraud.
# Review your credit history regularly.
# Get the right card for your needs. Use your credit cards wisely
Follow these simple tips to get the most from your card.
Tips:
# Pay your credit card bills on time. This is the single most important thing you can do to preserve and enhance your credit rating. Always pay at least your minimum payment and allow time for your payment to reach the company if you are using the mail.
# If possible, pay off your balance in full each month. If this is not possible, then make as large a payment as you can comfortably afford. Paying off or paying down your balance is a sound financial move—one that will save you money on interest charges.
# If you can’t pay off your balance in full, then slow down on your credit card use for the next while. Take time to step back and have a careful look at how much you earn and how much you spend each month. A little budgeting can save you big money down the road.
# Check your statement carefully each month. Review your statement carefully. Do all the charges look correct? Have any required credits been applied? Are there any unusual or unexpected charges? Your credit card company will correct legitimate errors, but only if you bring them to their attention in a timely manner before you pay your bill.
# Transfer your balance to a card with a lower interest rate. If you have two or more credit cards with outstanding balances, consider moving the outstanding balances to the card with the lowest interest rate. You will save money each month and simplify your record keeping by receiving only one bill.
# Negotiate for a lower rate with your credit card company. If you have a good credit history, you are a valuable asset to your credit card company. Call them and seek ways to lower your interest rate. This is often possible, but never advertised. If the interest rate you are currently paying is very high, imply you may cancel the card and go with a competitor unless they adjust your rate downward. It doesn’t hurt to ask, and you may be surprised at the results. Protect yourself against fraud
While credit card fraud is a problem, here are a few simple steps you can take to greatly reduce the risk of becoming a victim.
Tips:
# Sign new cards immediately. When you receive your new or replacement card in the mail, sign it, in ink, right away. If it is a replacement card, destroy the old card by cutting it into many small pieces.
# Shred old credit card receipts. You can purchase an inexpensive paper shredder at an office supply store. All old receipts with your credit card number and any unneeded documents with your social insurance number or other sensitive personal information should be shredded before disposal. This prevents the common practice of criminals going through the trash to find receipts and stealing your identity
# Never fax your credit card number. Your credit card number can lie for hours in the fax basket at the other end. Anyone passing by can record your number and begin to use your card number fraudulently. It is even possible for criminals to intercept your credit card number while the fax is in transmission.
# Use caution when giving your credit card number out on the phone or on the Internet. Only give out your credit card number on telephone calls you initiate to business or organizations you trust. Never give your number out to callers who call unannounced, no matter how legitimate the call sounds.
# On the Internet, look for an Internet address that begins https:\\. The “s” indicates that it is a secure connection and a small padlock symbol should appear in the bottom right hand corner of your screen, indicating it is safe to transmit your credit card number.
# Call your credit card company instantly if you suspect trouble. All credit card companies have 24 hour lost and stolen help lines. If you lose your wallet or purse or have it stolen, call without delay! Much fraud happens within the first hour or two, before the victim realizes the cards are missing. Your credit card company will block your cards from being used and stop you from being responsible for any charges thieves incur.
# Take advantage of any security features your card offers. Many newer cards have the option of including your photograph on the card. This is excellent protection and is highly recommended. Review your credit history regularly
After you have obtained the best credit card, and are using it wisely, review your credit history on a regular basis. This helps ensure your history is accurate and that any issues have been resolved to your satisfaction.
North America has three national credit-reporting bureaus. Your credit rating is held at one or more of these bureaus. When checking on your rating, be sure to contact all three, as your rating may be held on file at more than one bureau. The three national credit bureaus are Equifax, Experian, and Trans Union. Check the Yellow Pages, under Credit to find the numbers in your area.
Get the right card
With all the choices in cards available, chances are good,very good, you can find a better card for your needs. Today’s cards can save you money, offer better features, and even support a cause you believe in. Here are some tips on finding the right card and where to check that you have the best card for your needs.
Tips:
# 4 Be alert for companies offering a great interest rate for transferring your existing balance to their card. Usually these rates are only in effect for a short time, often six months. At the end of this time, the rate can revert to a much higher permanent rate. Keep your eye on the Annual Percentage Rate (APR); this is the figure that counts in the long run.
# Lower is better: read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.
# Nothing can be better: Try for a credit card that does not charge an annual fee. Many credit cards charge you a fee each year to use their cards. While this may be offset by other benefits the card may offer, you can find cards that do not charge this annual fee. Why pay for the privilege of using a credit card when you don’t have to?
# Explore the options: Today’s cards offer a wide range of excellent features, including frequent flier points, programs that bank points toward a new car, and cards that support charitable organizations. Other options worth having include car rental insurance coverage, trip cancellation coverage, and extended warranty coverage.
http://www.debtconsoladationservices.com/creditcardarticles/article-managing-credit-cards-tips.shtml
In 1951, Diners Club issued the first credit card to 200 customers who could use it at 27 restaurants in New York City. From that modest beginning, credit cards have become an indispensable part of modern life. Consumers rely on credit cards to help them achieve their lifestyle goals by letting them take advantage of special bargains, spread payments out over several months, and provide cash in emergencies. Credit cards have become so widespread that they are often accepted as a piece of primary identification.
Getting the most from your credit cards involves four main steps:
# Use your credit cards wisely.
# Protect yourself against fraud.
# Review your credit history regularly.
# Get the right card for your needs. Use your credit cards wisely
Follow these simple tips to get the most from your card.
Tips:
# Pay your credit card bills on time. This is the single most important thing you can do to preserve and enhance your credit rating. Always pay at least your minimum payment and allow time for your payment to reach the company if you are using the mail.
# If possible, pay off your balance in full each month. If this is not possible, then make as large a payment as you can comfortably afford. Paying off or paying down your balance is a sound financial move—one that will save you money on interest charges.
# If you can’t pay off your balance in full, then slow down on your credit card use for the next while. Take time to step back and have a careful look at how much you earn and how much you spend each month. A little budgeting can save you big money down the road.
# Check your statement carefully each month. Review your statement carefully. Do all the charges look correct? Have any required credits been applied? Are there any unusual or unexpected charges? Your credit card company will correct legitimate errors, but only if you bring them to their attention in a timely manner before you pay your bill.
# Transfer your balance to a card with a lower interest rate. If you have two or more credit cards with outstanding balances, consider moving the outstanding balances to the card with the lowest interest rate. You will save money each month and simplify your record keeping by receiving only one bill.
# Negotiate for a lower rate with your credit card company. If you have a good credit history, you are a valuable asset to your credit card company. Call them and seek ways to lower your interest rate. This is often possible, but never advertised. If the interest rate you are currently paying is very high, imply you may cancel the card and go with a competitor unless they adjust your rate downward. It doesn’t hurt to ask, and you may be surprised at the results. Protect yourself against fraud
While credit card fraud is a problem, here are a few simple steps you can take to greatly reduce the risk of becoming a victim.
Tips:
# Sign new cards immediately. When you receive your new or replacement card in the mail, sign it, in ink, right away. If it is a replacement card, destroy the old card by cutting it into many small pieces.
# Shred old credit card receipts. You can purchase an inexpensive paper shredder at an office supply store. All old receipts with your credit card number and any unneeded documents with your social insurance number or other sensitive personal information should be shredded before disposal. This prevents the common practice of criminals going through the trash to find receipts and stealing your identity
# Never fax your credit card number. Your credit card number can lie for hours in the fax basket at the other end. Anyone passing by can record your number and begin to use your card number fraudulently. It is even possible for criminals to intercept your credit card number while the fax is in transmission.
# Use caution when giving your credit card number out on the phone or on the Internet. Only give out your credit card number on telephone calls you initiate to business or organizations you trust. Never give your number out to callers who call unannounced, no matter how legitimate the call sounds.
# On the Internet, look for an Internet address that begins https:\\. The “s” indicates that it is a secure connection and a small padlock symbol should appear in the bottom right hand corner of your screen, indicating it is safe to transmit your credit card number.
# Call your credit card company instantly if you suspect trouble. All credit card companies have 24 hour lost and stolen help lines. If you lose your wallet or purse or have it stolen, call without delay! Much fraud happens within the first hour or two, before the victim realizes the cards are missing. Your credit card company will block your cards from being used and stop you from being responsible for any charges thieves incur.
# Take advantage of any security features your card offers. Many newer cards have the option of including your photograph on the card. This is excellent protection and is highly recommended. Review your credit history regularly
After you have obtained the best credit card, and are using it wisely, review your credit history on a regular basis. This helps ensure your history is accurate and that any issues have been resolved to your satisfaction.
North America has three national credit-reporting bureaus. Your credit rating is held at one or more of these bureaus. When checking on your rating, be sure to contact all three, as your rating may be held on file at more than one bureau. The three national credit bureaus are Equifax, Experian, and Trans Union. Check the Yellow Pages, under Credit to find the numbers in your area.
Get the right card
With all the choices in cards available, chances are good,very good, you can find a better card for your needs. Today’s cards can save you money, offer better features, and even support a cause you believe in. Here are some tips on finding the right card and where to check that you have the best card for your needs.
Tips:
# 4 Be alert for companies offering a great interest rate for transferring your existing balance to their card. Usually these rates are only in effect for a short time, often six months. At the end of this time, the rate can revert to a much higher permanent rate. Keep your eye on the Annual Percentage Rate (APR); this is the figure that counts in the long run.
# Lower is better: read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.
# Nothing can be better: Try for a credit card that does not charge an annual fee. Many credit cards charge you a fee each year to use their cards. While this may be offset by other benefits the card may offer, you can find cards that do not charge this annual fee. Why pay for the privilege of using a credit card when you don’t have to?
# Explore the options: Today’s cards offer a wide range of excellent features, including frequent flier points, programs that bank points toward a new car, and cards that support charitable organizations. Other options worth having include car rental insurance coverage, trip cancellation coverage, and extended warranty coverage.
http://www.debtconsoladationservices.com/creditcardarticles/article-managing-credit-cards-tips.shtml
Gussy Up Your Credit Card
I'm the first person to complain that CVS (NYSE: CVS) already has its Christmas merchandise on display. It's too early for me to think about tinsel and trimmings and trappings, especially since the unseasonably warm fall has our family visiting the pumpkin patch in shorts. However, it's not too early to consider how your credit cards can help you sail through the holiday season with your finances relatively intact. Planning now will help you stay on top of your expenditures, give you better buying power, and lower your overall debt.
How can you gussy up your plastic to meet holiday demands? (No, not with those light-up reindeer antlers that made you the hit of the office party last year.) Think better interest rates. Think promotional offers. Think saving money.
Here's a step-by-step plan for getting your credit cards ready for December's heavy use:
1. Check your current balances and APR. Before you can figure out how to best approach your holiday spending, you'll need to get a handle on how much you currently owe your credit card company, and how much it's costing you. Odds are there's a lower rate out there somewhere, perhaps with a special 0% promotional rate on balance transfers. Find out how to win the balance transfer game and owe zero interest while chipping away at your balance. You'll also get a sense of how much you can afford to spend on this year's gifts.
2. Ask your credit card company for a better interest rate to keep you as a client. Your card company knows that it generally costs them more to secure a new customer than it does to keep an old customer happy. Don't be afraid to test out this theory by asking your issuer to sweeten the deal in order to keep your business. Lowering your rate, waiving an annual fee, raising your credit limit, or crediting a late fee are all fair game.
3. Shop for a better card, preferably one with a 0% interest promotion for six months or more. Six months interest free will allow you to not only make all of your holiday purchases, but budget to pay them off. Check out LowCards.com, a consumer resource that can help you find the best card for you.
4. Develop a buying strategy. Traveling this holiday season? Then make sure to use a credit card that offers rewards for travel, gas purchases, or hotel stays. Have a card like Upromise that pays down your student loans? Then buy all of your holiday gifts with it, so your retail frenzy will have some positive side effects. Already carrying high balances? Resolve to keep it simple this year with homemade gifts and thoughtful acts of kindness.
Need more tips on managing your credit? Try:
* The Hidden Perks of Plastic
* Don't Pay By Their Rules
* Finding the Right One
This article is adapted from the Motley Fool Green Light Money Answers archive, which features more than 100 articles on personal finance topics such as taxes, credit, and beginning investing, organized by subject and life stage. For access to this content -- plus the current newsletter, back issues, members-only discussion boards, and advisor blogs -- take a free 30-day trial today!
Fool contributor Elizabeth Brokamp is a licensed professional counselor who regularly talks money with her honey, Robert Brokamp, editor of The Motley Fool's Rule Your Retirement newsletter and co-advisor of Motley Fool Green Light. The Fool has a disclosure policy.
http://www.fool.com/personal-finance/general/2007/10/20/gussy-up-your-credit-card.aspx
How can you gussy up your plastic to meet holiday demands? (No, not with those light-up reindeer antlers that made you the hit of the office party last year.) Think better interest rates. Think promotional offers. Think saving money.
Here's a step-by-step plan for getting your credit cards ready for December's heavy use:
1. Check your current balances and APR. Before you can figure out how to best approach your holiday spending, you'll need to get a handle on how much you currently owe your credit card company, and how much it's costing you. Odds are there's a lower rate out there somewhere, perhaps with a special 0% promotional rate on balance transfers. Find out how to win the balance transfer game and owe zero interest while chipping away at your balance. You'll also get a sense of how much you can afford to spend on this year's gifts.
2. Ask your credit card company for a better interest rate to keep you as a client. Your card company knows that it generally costs them more to secure a new customer than it does to keep an old customer happy. Don't be afraid to test out this theory by asking your issuer to sweeten the deal in order to keep your business. Lowering your rate, waiving an annual fee, raising your credit limit, or crediting a late fee are all fair game.
3. Shop for a better card, preferably one with a 0% interest promotion for six months or more. Six months interest free will allow you to not only make all of your holiday purchases, but budget to pay them off. Check out LowCards.com, a consumer resource that can help you find the best card for you.
4. Develop a buying strategy. Traveling this holiday season? Then make sure to use a credit card that offers rewards for travel, gas purchases, or hotel stays. Have a card like Upromise that pays down your student loans? Then buy all of your holiday gifts with it, so your retail frenzy will have some positive side effects. Already carrying high balances? Resolve to keep it simple this year with homemade gifts and thoughtful acts of kindness.
Need more tips on managing your credit? Try:
* The Hidden Perks of Plastic
* Don't Pay By Their Rules
* Finding the Right One
This article is adapted from the Motley Fool Green Light Money Answers archive, which features more than 100 articles on personal finance topics such as taxes, credit, and beginning investing, organized by subject and life stage. For access to this content -- plus the current newsletter, back issues, members-only discussion boards, and advisor blogs -- take a free 30-day trial today!
Fool contributor Elizabeth Brokamp is a licensed professional counselor who regularly talks money with her honey, Robert Brokamp, editor of The Motley Fool's Rule Your Retirement newsletter and co-advisor of Motley Fool Green Light. The Fool has a disclosure policy.
http://www.fool.com/personal-finance/general/2007/10/20/gussy-up-your-credit-card.aspx
Unraveling the Mysteries of Merchant Credit Card Accounts for Web Commerce
ACCEPTING CREDIT CARDS over the Internet requires putting a number of separate pieces together. What I've tried to do here is explain in simple terms what those pieces are and describe how you can do this.
These are the pieces:
* A bank that issues to you a merchant credit card account
* A transaction clearinghouse designated by your bank
* Hardware or software gateway to the clearinghouse
* A merchant credit card broker (optional)
* (Security is vital, but beyond the scope of this article)
Let me describe how each of these pieces plays a part. You probably know much of this, but bear with me as I explain each of these pieces in turn.
Bank
A bank or other financial institution is required to set up a Visa or MasterCard merchant credit card account for you.[Note 1] Ideally, this is your own bank, where you already have a checking account. Banks don't let you forget that they are taking a risk with you. If, for example, you failed to deliver the product or service paid for with a credit card, they would be responsible for making it good. Of course, they are getting paid enough to cover this risk, the processing charges, but they check you out pretty carefully before issuing you an account. Assuming that you have decent credit, they will help you set up an account.
I was fortunate. My bank was already conducting online banking and is comfortable with the Internet. But exercising due diligence, I asked my credit union if they offered merchant accounts, and was given the phone number of a company that performed that service for them. "Yes, we can help you with a merchant credit card account," the lady answered cheerfully. But when I mentioned the Internet the climate changed. "Oh, we don't allow credit cards taken over the Internet," she muttered, somewhat taken aback. Then she recovered somewhat: "Maybe we should, and maybe we will in the future, but for now we don't offer that."
So what do you do if your bank or financial institution won't set up an account that allows you to take credit card information over the Internet? You go to a broker.
Merchant Credit Card Broker
You don't have to look long on Yahoo to find that there are many, many people who want to help you set up an account -- for a fee. Some of these people are very reputable, some are shysters. In industry parlance these are called Independent Sales Organizations (ISOs). Make sure you check them out before you plunk down your money. Brokers aren't an essential part of your online transactions, they only set you up with a bank and then step out of the picture. They make their money in one or more ways: a finder's fee from a bank (which you might see in the form of an application fee, a percentage of the hefty fees you'll pay for a card-swipe machine or PC software, and perhaps an up-front fee). They will place you with a bank that is able to take someone with your credit history, and that is comfortable with Internet transactions.
Transaction Processing Clearinghouse
When you finally get set up with a bank you'll find that they probably contract out processing the credit card transactions to a transaction clearinghouse. When you get ready to process the purchase made on your online (or physical) store, they're the people at the end of the modem who tell you the credit card number is valid and doesn't have its credit limit maxed out. We'll explain more a bit later. You don't usually pay the transaction clearinghouse directly (though they may deduct bank fees and make net deposits), but you'll have a lot of interaction with them. Examples: First Data Corp. and First USA.
Hardware/Software Gateway to the Clearinghouse
The final piece is a gateway that connects you to this transaction clearinghouse. Nearly gone are the days of paper processing, nearly everything is electronic now. There are three common gateways:
Cardswipe machines. Next to nearly every cash register in the country reclines one of those gray flat boxes that the clerk swipes your card through (and sometimes wipes it off and swipes it through again). Then she enters the amount of the transaction and waits. Thumbs twiddle. A few seconds later her terminal lights up with an authorization code which is printed on your credit card transaction slip. That authorization comes from the credit card clearinghouse that the store's bank contracts with, and it effectively assures payment to the merchant when the customer signs on the dotted line and the purchase is made. Examples: VeriFone Tranz, etc. But these machines aren't too helpful for Internet businesses, where you don't have the customer's card to swipe; you'd have to get pretty good with the keypad. Fortunately, there are some other options.
Desktop Software. Many businesses don't ever see the customer's credit card. They get the credit card number over the phone, via mail, or over the Internet. Every day or two, the merchant enters the credit card numbers and transaction amounts in special software, and transmits that list over a modem to the clearinghouse designated by the bank. In a short time, the clearinghouse responds with a list of "good" cards, and a list of "bad" ones. The merchant then sends a message back to accept the transactions for good cards, and frets about merchandise that went out the door with a "bad" card. Of course, if you're wise you just don't ship until you've run the credit card transactions. Examples: ICVerify, PCAuthorize, MacAuthorize. This solution works all right unless you have a large volume of orders. It also requires you to rekey data from each order into your computer, which can get time-consuming, and introduce errors.
Real-time Website Gateways. Finally, there are several sources of gateways to the processing clearinghouse which can check the customer's credit card while he's still online. In some cases the gateway requires a special set-up by your Internet Service Provider (CyberCash); others employ Internet connections to a service bureau gateway. These various gateways provide a bridge from your website to a completely different modem channel to check the credit card in real-time, a rather complex procedure if you were to try to do this yourself from scratch. However, several of these gateways are pretty easy to get set up. Beware: while standard HTML forms can accommodate such a gateway, not all shopping cart programs can do so. Therefore, if you wish to use a real-time gateway, make sure all the pieces fit before you purchase. Examples: Anacom Merchant Services SecurePay, Online Analysis SocketLinks, CyberCash, VeriFone vPOS, and others.
Costs
How much does all this cost? That all depends. You can save a good bit of money by careful shopping. A couple of rules of thumb: assuming you have decent credit yourself, your bank can probably give you the best deal. When you go through a broker, you've just introduced another person who needs to be compensated, and you might end up paying a higher rate to a bank that doesn't know you well already. However, a good reliable broker may just save you a lot of time shopping and putting some of the pieces together, especially if your own bank isn't Internet-savvy.
In the table below we outline some ballpark costs that you may encounter. In any given situation you may not have to pay all of these charges. Sometimes, for example, parties will be making their money selling you hardware or software, in others they may just charge some set-up fees. In any case, look at the whole picture before you sign a contract.
What does it cost to set up? Figure on spending $500 to $1,500 and you'll be in the right ballpark. You'll need to set up the merchant credit card account yourself, so shop around. Also, look for a webstore designer or webmaster who can guide you in choosing a gateway that is compatible with your purchasing system (e.g., shopping cart).
Note 1. The bank generally gets you set up to accept only Visa and MasterCard. If you want to accept American Express, Discover, or others, you have to apply separately to each of those organizations and then coordinate with the processor to process their charges, too.
http://www.wilsonweb.com/articles/merch-cc.htm
These are the pieces:
* A bank that issues to you a merchant credit card account
* A transaction clearinghouse designated by your bank
* Hardware or software gateway to the clearinghouse
* A merchant credit card broker (optional)
* (Security is vital, but beyond the scope of this article)
Let me describe how each of these pieces plays a part. You probably know much of this, but bear with me as I explain each of these pieces in turn.
Bank
A bank or other financial institution is required to set up a Visa or MasterCard merchant credit card account for you.[Note 1] Ideally, this is your own bank, where you already have a checking account. Banks don't let you forget that they are taking a risk with you. If, for example, you failed to deliver the product or service paid for with a credit card, they would be responsible for making it good. Of course, they are getting paid enough to cover this risk, the processing charges, but they check you out pretty carefully before issuing you an account. Assuming that you have decent credit, they will help you set up an account.
I was fortunate. My bank was already conducting online banking and is comfortable with the Internet. But exercising due diligence, I asked my credit union if they offered merchant accounts, and was given the phone number of a company that performed that service for them. "Yes, we can help you with a merchant credit card account," the lady answered cheerfully. But when I mentioned the Internet the climate changed. "Oh, we don't allow credit cards taken over the Internet," she muttered, somewhat taken aback. Then she recovered somewhat: "Maybe we should, and maybe we will in the future, but for now we don't offer that."
So what do you do if your bank or financial institution won't set up an account that allows you to take credit card information over the Internet? You go to a broker.
Merchant Credit Card Broker
You don't have to look long on Yahoo to find that there are many, many people who want to help you set up an account -- for a fee. Some of these people are very reputable, some are shysters. In industry parlance these are called Independent Sales Organizations (ISOs). Make sure you check them out before you plunk down your money. Brokers aren't an essential part of your online transactions, they only set you up with a bank and then step out of the picture. They make their money in one or more ways: a finder's fee from a bank (which you might see in the form of an application fee, a percentage of the hefty fees you'll pay for a card-swipe machine or PC software, and perhaps an up-front fee). They will place you with a bank that is able to take someone with your credit history, and that is comfortable with Internet transactions.
Transaction Processing Clearinghouse
When you finally get set up with a bank you'll find that they probably contract out processing the credit card transactions to a transaction clearinghouse. When you get ready to process the purchase made on your online (or physical) store, they're the people at the end of the modem who tell you the credit card number is valid and doesn't have its credit limit maxed out. We'll explain more a bit later. You don't usually pay the transaction clearinghouse directly (though they may deduct bank fees and make net deposits), but you'll have a lot of interaction with them. Examples: First Data Corp. and First USA.
Hardware/Software Gateway to the Clearinghouse
The final piece is a gateway that connects you to this transaction clearinghouse. Nearly gone are the days of paper processing, nearly everything is electronic now. There are three common gateways:
Cardswipe machines. Next to nearly every cash register in the country reclines one of those gray flat boxes that the clerk swipes your card through (and sometimes wipes it off and swipes it through again). Then she enters the amount of the transaction and waits. Thumbs twiddle. A few seconds later her terminal lights up with an authorization code which is printed on your credit card transaction slip. That authorization comes from the credit card clearinghouse that the store's bank contracts with, and it effectively assures payment to the merchant when the customer signs on the dotted line and the purchase is made. Examples: VeriFone Tranz, etc. But these machines aren't too helpful for Internet businesses, where you don't have the customer's card to swipe; you'd have to get pretty good with the keypad. Fortunately, there are some other options.
Desktop Software. Many businesses don't ever see the customer's credit card. They get the credit card number over the phone, via mail, or over the Internet. Every day or two, the merchant enters the credit card numbers and transaction amounts in special software, and transmits that list over a modem to the clearinghouse designated by the bank. In a short time, the clearinghouse responds with a list of "good" cards, and a list of "bad" ones. The merchant then sends a message back to accept the transactions for good cards, and frets about merchandise that went out the door with a "bad" card. Of course, if you're wise you just don't ship until you've run the credit card transactions. Examples: ICVerify, PCAuthorize, MacAuthorize. This solution works all right unless you have a large volume of orders. It also requires you to rekey data from each order into your computer, which can get time-consuming, and introduce errors.
Real-time Website Gateways. Finally, there are several sources of gateways to the processing clearinghouse which can check the customer's credit card while he's still online. In some cases the gateway requires a special set-up by your Internet Service Provider (CyberCash); others employ Internet connections to a service bureau gateway. These various gateways provide a bridge from your website to a completely different modem channel to check the credit card in real-time, a rather complex procedure if you were to try to do this yourself from scratch. However, several of these gateways are pretty easy to get set up. Beware: while standard HTML forms can accommodate such a gateway, not all shopping cart programs can do so. Therefore, if you wish to use a real-time gateway, make sure all the pieces fit before you purchase. Examples: Anacom Merchant Services SecurePay, Online Analysis SocketLinks, CyberCash, VeriFone vPOS, and others.
Costs
How much does all this cost? That all depends. You can save a good bit of money by careful shopping. A couple of rules of thumb: assuming you have decent credit yourself, your bank can probably give you the best deal. When you go through a broker, you've just introduced another person who needs to be compensated, and you might end up paying a higher rate to a bank that doesn't know you well already. However, a good reliable broker may just save you a lot of time shopping and putting some of the pieces together, especially if your own bank isn't Internet-savvy.
In the table below we outline some ballpark costs that you may encounter. In any given situation you may not have to pay all of these charges. Sometimes, for example, parties will be making their money selling you hardware or software, in others they may just charge some set-up fees. In any case, look at the whole picture before you sign a contract.
What does it cost to set up? Figure on spending $500 to $1,500 and you'll be in the right ballpark. You'll need to set up the merchant credit card account yourself, so shop around. Also, look for a webstore designer or webmaster who can guide you in choosing a gateway that is compatible with your purchasing system (e.g., shopping cart).
Note 1. The bank generally gets you set up to accept only Visa and MasterCard. If you want to accept American Express, Discover, or others, you have to apply separately to each of those organizations and then coordinate with the processor to process their charges, too.
http://www.wilsonweb.com/articles/merch-cc.htm
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