Archive for the ‘Credit Cards’ Category

Ask Creditnet: Secured Credit Cards and Interest Rates

November 29th, 2011 Ryan Parker No Comments »

Dear Creditnet: I have interest in applying for a secured credit card. I found one that I really like and it says that for every 3 months I pay my bills on time my interest rate will be reduced. The confusing thing is that there is also a 7-month 0% APR period.

My question to you is will my interest rate be reduced during that 7-month introductory period as I make payments on time ?

Answer: It’s difficult to answer this question with absolute certainty since you haven’t provided the name of the specific secured credit card, but my best guess is yes – the regular interest rate that will kick in after the 0% promotional period ends can still be adjusted downward during the first 7 months of timely payments.  I rec

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Tags: Interest, Secured Credit

Last Day to Get Southwest Rapid Rewards Card 50,000 Bonus

November 9th, 2011 Ryan Parker No Comments »

The 50,000 point signup bonus for the Southwest Rapid Rewards Plus Card is unfortunately flying away just as fast as it flew in last month.

I doubt the promotion is getting the axe due to lack of popularity.  In fact, my guess is this card offer has been extremely popular among the millions of consumers searching for ways to bring down the cost of their holiday travel this year.  It’s difficult to turn down over $800 in free money for travel, even if there is a $69 annual fee attached to the card!

If you’ve been waiting to pull the trigger and bank enough points for 2 free roundtrip tickets on Southwest, you’ve only got until midnight tomorrow, 11/11/11 (wow, what a cool date!) to do it.  After

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Tags: Bonus, Rapid Rewards, Southwest Rapid, Southwest Rapid Rewards

Small Business Saturday is Back: Get $25 or More on Nov. 26th!

October 20th, 2011 Ryan Parker No Comments »



My favorite Saturday of the year is back!

For the 2nd year in a row, American Express is sponsoring Small Business Saturday on November 26th, the day after Black Friday.  If you missed out in 2010, don’t make the same mistake again.  This promotion is just too easy for Amex cardholders to pass up, and it’s for a great cause too!

All you need to do is use your Amex card to spend at least $25 at a small business on November 26th, and then Amex will give you a $25 statement credit. It’s not only free money for you, but it’s also a great way to help promote more business for the local shops and restaurants that keep your community thriving.

If you have several American Express credit cards with different card numbers, you’re in luck. Register all

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Tags: 26th, Business Saturday, Small Business, Small Business Saturday

Lower Swipe Fees Go Into Effect October 1st

October 12th, 2011 Ryan Parker No Comments »

The impact of the Durbin Amendment, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, will begin to be seen soon by banks and consumers alike when it goes into effect on October 1. By reducing the fees that merchants pay for every debit transaction, the act was designed to lower costs for consumers. But the reform will cut into bank revenues and, as a result, could raise the cost of consumer borrowing.

Reviewing the Amendment
The thought behind lowering swipe fees for debit card purchases was to bring prices down. Just last week, Sen. Durbin said, “The retailer will be more profitable. That’s what’s behind this.” And if the retailer is more profitable the consumer is expected to see lower prices.

At least that’s the hope! The avera

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Tags: Effect, Effect October

Your Beacon Score: Is It Something To Worry About?

September 26th, 2011 Ryan Parker No Comments »

A few days ago, a client came to my desk asking, “A Beacon score? What in the world is that!?”

This client has spent the last few years building his credit through responsible use of student loans, no interest credit cards, and a car loan. He now wants to capitalize on record-low interest rates and purchase a home, but he recognized that by ignoring his BEACON Score he might have missed something that could potentially cost him tens of thousands of dollars over the life of the loan.

Credit scores are a report card for any financial interaction we have, be it applying for a job, an apartment rental, credit cards, or student and home loans. On

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Tags: Beacon Score, Score

How To Manage Student Loans

August 28th, 2011 Ryan Parker No Comments »

Hallelujah! My wife and I just finished paying off another student loan. Two down, and one more to go!

This past year, nearly seventy percent of undergraduates finished school with outstanding student loans.  In fact, the average student loan debt in 2010 totaled around $25,000 per person! If you take the average of 16-18 years to repay these loans, at the standard 6.8% interest rate of unsubsidized, Federal Stafford loans, that $25,000 would equate to over $40,000 in total payments! And don’t forget, these numbers only account for bachelor degrees; graduate school is often two or three times more expensive.

So what’s the best way to manage your student loans so you can quickly pay them off and move on with your life?  Her

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Tags: Student, Student Loans

The Best Ways to Save While Spending Money Overseas

August 28th, 2011 Ryan Parker No Comments »

Ok, so what’s one of the first steps in planning an overseas trip, whether it be for business or pleasure? If you answered something along the lines of “booking a hotel” or “logging onto Priceline”, you’ve got it…wrong. In actuality, one of the first things you must figure out, after deciding where you want to go, is the logistics of spending money with overseas merchants. In doing so, you need to find the best exchange rate possible.

While your initial reaction might simply be to order some foreign coin at your bank or decide to grab some at one of those stands you see in the airport, your best bet is actually to apply for a no international fee credit card, according to a recent study by Card Hub. This study, which examined the U.S. dollar-to-Eur

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Tags: Overseas

Surge in Credit Card Direct Mail Solicitations

August 28th, 2011 Ryan Parker No Comments »

Direct mail industry sources report that credit card companies, after keeping a low profile for more than a year, are actively looking for new customers. Marketing campaigns by three major credit card issuers, Chase, Citi and American Express, surged from a mere 551 million offers in 2009 to an impressive 1.4 billion in 2010, according to the research firm Mintel Comperemedia. Another source, Synovate’s Mail Monitor, reports worldwide credit card solicitations at 2.73 billion, a 96% increase over 2009.

And the first quarter of 2011 is showing even more positive signs of resurgence in credit cards with an increase of more than 481 million household offers, representing a 29% increase over that in 2009, according to the Mail Monitor. L

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Tags: Credit Card, Direct Mail, Mail
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