The New York Times runs through the relevant changes.

Would you buy something from your credit card company?

A mashup of useful text and informative video, it’s a great way to tweak your finances.

It’s recommended reading- and watching- for anyone concerned about taking credit.

The New York Times has the rundown on fees being waived by the three major credit card companies.

That means that if you’re looking to donate, now is an even better time. Some card companies are compiling a list of charities that qualify. If you want your donation to go as far as possible, it’s worth looking at the list.

Debit card rates vary highly depending on if you use your pin or your signature to verify your identity at the checkout line. Because banks make money from every purchase, they accordingly steer customers toward higher paying signature cards. That, in turn, makes merchants pay a little more for each transaction.

Our favorite quote?

“What we witnessed was truly a perverse form of competition,” said Ronald Congemi, the former chief executive ...]]> The continuing New York Times series about credit cards includes a new interesting piece about debit card practices. The big secret?

Debit card rates vary highly depending on if you use your pin or your signature to verify your identity at the checkout line. Because banks make money from every purchase, they accordingly steer customers toward higher paying signature cards. That, in turn, makes merchants pay a little more for each transaction.

Our favorite quote?

“What we witnessed was truly a perverse form of competition,” said Ronald Congemi, the former chief executive of Star Systems, one of the regional PIN-based networks that has struggled to compete with Visa. “They competed on the basis of raising prices. What other industry do you know that gets away with that?”

The article and series provide an interesting peek behind the curtain of credit card rates.

]]> http://takingcredit.com/2010/01/05/sign-or-pin-with-your-debit-card/feed/ 0 http://takingcredit.com/2009/12/12/store-credit-cards/ http://takingcredit.com/2009/12/12/store-credit-cards/#comments Sat, 12 Dec 2009 17:34:22 +0000 admin http://takingcredit.com/?p=1490 The New York Times puts up a good primer on store credit cards, or co-branded credit cards, as they are also known.

There aren’t any new revelations about the practice (you can read our posts, Should You Get a Co-Branded Credit Card for even more information).

The basics are still the same- in some cases, the discount on a store credit card can give you a genuine benefit. However, if you already have poor or ailing credit, it may make things worse by nudging down your credit score.

If you ...]]> The New York Times puts up a good primer on store credit cards, or co-branded credit cards, as they are also known.

There aren’t any new revelations about the practice (you can read our posts, Should You Get a Co-Branded Credit Card for even more information).

The basics are still the same- in some cases, the discount on a store credit card can give you a genuine benefit. However, if you already have poor or ailing credit, it may make things worse by nudging down your credit score.

If you do get a card, make sure that you pay the balance off on time. Many store credit cards have prohibitively high interest rates, hidden fees, or other charges that can lead to serious expense. It can be tempting to get a new card around the holidays- but make sure you know exactly what you’re getting into.

]]> http://takingcredit.com/2009/12/12/store-credit-cards/feed/ 0 http://takingcredit.com/2009/11/13/new-debit-card-overdraft-rules/ http://takingcredit.com/2009/11/13/new-debit-card-overdraft-rules/#comments Fri, 13 Nov 2009 17:16:54 +0000 admin http://takingcredit.com/?p=1422 Joeyguti has had some frustrations:

Food on debit card, $8. Finding out that it cost you $70 in overdraft fees, priceless. For everthing else, there is#MasterCard.

In the near future, there may be some changes to overdraft fees on debit cards.

As the New York Times reports, new overdraft rules will make it more difficult to end up paying huge amounts on small purchases like the one above. Practically, it means that you will have a choice whether to sign ...]]> Joeyguti has had some frustrations:

Food on debit card, $8. Finding out that it cost you $70 in overdraft fees, priceless. For everthing else, there is#MasterCard.

In the near future, there may be some changes to overdraft fees on debit cards.

As the New York Times reports, new overdraft rules will make it more difficult to end up paying huge amounts on small purchases like the one above. Practically, it means that you will have a choice whether to sign up for an overdraft service or not.

It’s difficult to know exactly how the rules will interplay with other legislation in the works. However, there is a good chance that you’ll receive a notice in the future better detailing your debit card’s policies.

]]> http://takingcredit.com/2009/11/13/new-debit-card-overdraft-rules/feed/ 0 http://takingcredit.com/2009/11/03/the-ftc-and-free-credit-reports/ http://takingcredit.com/2009/11/03/the-ftc-and-free-credit-reports/#comments Tue, 03 Nov 2009 18:50:07 +0000 admin http://takingcredit.com/?p=1404 CGunst notes the FTC’s approach to free credit reports:

FTC takes on “free” credit report ads with their own ads http://bit.ly/2pxjt2“Don’t be misled…they’ll sell you something else instead.”

The New York Times article notes consumer confusion over what free credit reports are and how they work.

The main thrust of the FTC and article is that consumers don’t need advanced credit monitoring. Obviously, that stands in the realm of opinion. However, it is important to note that credit report services ...]]> CGunst notes the FTC’s approach to free credit reports:

FTC takes on “free” credit report ads with their own ads http://bit.ly/2pxjt2“Don’t be misled…they’ll sell you something else instead.”

The New York Times article notes consumer confusion over what free credit reports are and how they work.

The main thrust of the FTC and article is that consumers don’t need advanced credit monitoring. Obviously, that stands in the realm of opinion. However, it is important to note that credit report services allow consumers to see their credit score- a common number that determines many credit decisions- as well as a regular list of charges. In addition, most of the credit report services include a free trial period before any subscription begins. It’s not obligatory that you subscribe to their service.

You can peruse our selection of credit reports- whether you try one out, subscribe, or forgo the monitoring services altogether is a decision that’s up to you.

]]> http://takingcredit.com/2009/11/03/the-ftc-and-free-credit-reports/feed/ 0 http://takingcredit.com/2009/10/27/possible-rate-freezes-on-credit-cards/ http://takingcredit.com/2009/10/27/possible-rate-freezes-on-credit-cards/#comments Tue, 27 Oct 2009 16:50:51 +0000 admin http://takingcredit.com/?p=1363 Avlrusso is on top of the latest credit card news:

Sen. Chris Dodd proposes rate freeze on credit cards – contact your senators and tell them to support it too!

While we won’t provide an opinion on the issue, we can provide some background.

The news centers around Connecticut Senator Chris Dodd. His proposal is to freeze interest rates on credit cards. The New York Times reports it as a stopgap measure before new laws take effect, while MSNBC portrays the move as an election season tactic.

Regardless of ...]]> Avlrusso is on top of the latest credit card news:

Sen. Chris Dodd proposes rate freeze on credit cards – contact your senators and tell them to support it too!

While we won’t provide an opinion on the issue, we can provide some background.

The news centers around Connecticut Senator Chris Dodd. His proposal is to freeze interest rates on credit cards. The New York Times reports it as a stopgap measure before new laws take effect, while MSNBC portrays the move as an election season tactic.

Regardless of the response, credit card companies have been changing their policies. As we’ve written in the past, Citi has canceled gas cards, Bank of America has new annual fees, and, of course, interest rates have changed. What will happen next is up to the credit card companies, consumers, and the government.

]]> http://takingcredit.com/2009/10/27/possible-rate-freezes-on-credit-cards/feed/ 0 http://takingcredit.com/2009/10/01/chip-and-pin-credit-cards-in-europe/ http://takingcredit.com/2009/10/01/chip-and-pin-credit-cards-in-europe/#comments Thu, 01 Oct 2009 16:39:38 +0000 admin http://takingcredit.com/?p=1302 Xinco posts an article about credit cards and travel troubles:

#NYT Practical Traveler: For Americans, Plastic Buys Less: U.S. credit cards lack a special chip, now commo.. http://bit.ly/1t5J2T

What’s going on? As the New York Times reports, American tourists are having occasional problems using their credit cards in Europe. Many European credit cards utilize “chip and pin” security technology, while most American credit cards still use magnetic stripes. As a ...]]> Xinco posts an article about credit cards and travel troubles:

#NYT Practical Traveler: For Americans, Plastic Buys Less: U.S. credit cards lack a special chip, now commo.. http://bit.ly/1t5J2T

What’s going on? As the New York Times reports, American tourists are having occasional problems using their credit cards in Europe. Many European credit cards utilize “chip and pin” security technology, while most American credit cards still use magnetic stripes. As a result, a lot of European credit card readers don’t recognize American cards.

It’s an interesting addition to our coverage of credit card magnetic stripes, and yet another reason that consumers can expect credit card modernization in the near future. The Times story leads with “BETTER pack some cash on your next trip abroad.” That’s one sentence credit card companies don’t want to read.

]]> http://takingcredit.com/2009/10/01/chip-and-pin-credit-cards-in-europe/feed/ 1