Apply for a Credit Card & Get $500 aka Credit Card Offers Gone Mad
Posted on July 1st, 2011
Two short years ago, credit card companies seemed to be going out of their way to get rid of customers. Today, the same companies are begging for new business and they’re willing to pay handsomely for it.
In the past, getting a $50 bonus for opening a new account would be considered generous. These days, $50 is chump-change. And, while $100 bonuses appear to be the new norm, some companies are really upping the ante, offering consumers who apply for a credit card and get approved bonuses of $500 or more. Here is a rundown of the most mind-boggling credit card offers on the market today.
The Chase Sapphire $500 sign up bonus is likely the best in the industry, as the Chase Sapphire card is as good or better than any other high end rewards card – including those offered by American Express. The bonus offered to new customers comes in the form of 50,000 Ultimate Rewards points. Thes
Tags: Card, Credit Card
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Coles abandons PIN usage for small credit card purchases
Posted on June 30th, 2011
Aussies making purchases under $35 on their credit card at Coles outlets may be able to do so without using their personal identification number (PIN) or signing a receipt.
The firm is piloting a Fast Pay scheme, which will see 118 stores take part, reports ZDNet Australia.
Douglas Swansson, head of payment services finance for the firm, told the online portal that there has already been strong feedback from customers.
He noted that there are few security concerns, because any fraudulent transactions are usually covered by credit card providers.
“Card suppliers are confident it wont create a whole lot of unauthorised transactions,” he stated.
Mr Swansson added that no additional machines or technology needed to be installed in Coles outlets to trial the scheme.
This comes after Woolworths announced that it plans to roll out contactless payment facilities across all of its brands in the near future.
Tags: Credit Card, Purchases
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Chase’s Amazon.com Visa Card Just Got Better
Posted on June 29th, 2011
Chase isn’t merely trying to improve their reward credit cards; they are on a mission to offer the best rewards cards available. Based on what they’ve done with the Chase Sapphire and Chase Freedom cards, it is safe to say that they are succeeding.
Recent changes to the Amazon.com Visa Card provide a great example of how Chase is not only making credit card rewards better, but also more user friendly. As of June 23rd, current and future Amazon.com Visa cardholders can now use Shop with Points. Shop with Points provides consumers the opportunity to redeem points at checkout. This feature not only makes using reward points easier, but also removes one of the most frustrating elements of typical reward programs: minimum redemption amounts.
Unlike nearly all rewards cards, there is no minimum number of points required to make a redemption. Thus
Tags: Card, Card Just
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Aussies ‘spending more with credit cards in rural areas’
Posted on June 26th, 2011
People in rural areas of Australia are spending more than those who live in metropolitan locations, according to a new study.
The ANZ Small Business Sales Trends series found that regional and rural small businesses had seen a 1.9 per cent growth in trade during April 2011.
This is in comparison with the minus 0.1 per cent that it saw for firms that are based in bigger locations.
ANZ head of economics and property research Ivan Colhoun explained that the results are found by processing the value of credit card and eftpos transactions seen in the banks system for firms with an annual turnover of $5 million or less.
Mr Colhoun said it is likely to be down to Australias two-speed economy, with “regional areas in general benefiting more from the commodities boom and metropolitan centres arguably more impacted by the Reserve Banks restrictive monetary policy”.
A recent study from the Australia Institute suggested that many consumers are using their debit cards and other payment options to save money by shopping online.
Tags: Areas, Rural Areas
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Can I get back credit card fraud interest?
Posted on June 25th, 2011
In February this year, I had fraud on my Lloyds TSB Mastercard. More than 2,000 was taken over 16 separate occasions at Lloyds cashpoints.
Two months later, Lloyds sent a letter saying that I would not be liable. It was only then that it refunded me.
However, because this is a credit card I incurred interest, charged until the money was refunded. Lloyds refuses to pay back this interest.
I even enlisted the help of my MP, but I’ve got nowhere. B.L., Southampton, Hants.
Margaret Stone, the Daily Mail’s Money Doctor, replies: The rules of the Consumer Credit Act, which applies to credit cards, are quite clear that customers are entitled to the money they have lost from transactions that are unauthorised.
Lloyds has come to the conclusion that you are not to blame, so it should refund you for the loss.
Tags: Fraud, Fraud Interest
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GMAC Home Mortgage – A Prominent Figure in the Industry
Posted on June 23rd, 2011
Home mortgage loans are at an all-time low following the housing crisis that’s affected America over the past three years. Even with tax incentives to buy homes, the housing industry in general hasn’t been doing quite so well.
This downturn has resulted in a wide variety of low interest rates for home mortgages, and currently GMAC is on board with this trend.
GMAC’s a big name in the industry, serving on a national-level and providing thousands of people with loans on their houses.
The mortgage process is simple—the bank (in this case the GMAC Corporation) buys the property you’re wanting. Over the span of several years (most frequently closer to 30) you pay the loan off in the form of monthly payments. Like any other mortgage, you have an interest rate which (in most cases, but not all) is fixed.
GMAC has an online application process wherein you can find and apply for the loan that’s most suitable for your housing needs. However, GMAC doesn’t deal directly with real estate agents nor do they help you find a house. They’re more of a mortgage farm, being a third party to offer the money but not necessarily guide you along the process.
That doesn’t mean they’re not useful. Their website even has calculating functions to help you figure out how much money you’d have to pay on a monthly basis.
Regardless, GMAC is a service you utilize after you’ve found the correct house. Once you’ve found the house you’re wanting to purchase and reached a deal with the sellers and the real estate agents, you go to GMAC and apply for the loan. GMAC gets back to you with the rate they can offer you, which is based on your credit score, and you can go from there.
Like any loan provider, GMAC requires monthly payments. When it comes to a mortgage, weighing monthly payments versus the price to rent a place is always something worth looking into. But unlike renting, when you have a mortgage you technically own the property and you’re making payments that go towards your loan, so you’re slowly plucking away at the total amount you owe.
Factors such as your credit score and the amount you’re willing to make on a down payment affect how much GMAC will lend you as well as your APR and interest rate. If you miss a payment, you’re in danger of having a hefty late fee assessed and it’s probably going to dock your credit score. If you miss several, you’re in an unfortunate situation, as GMAC can technically repossess the house and you still legally owe them all the money of the loan.
GMAC offers different types of loans depending on whether you’re going to refinance your current mortgage or you’re looking to purchase a home. Some factors like APR and interest rate are different regarding which type of loan you’re looking to acquire.
Furthermore, GMAC also offers guidance into choosing the correct loan for you. Their website has an extensive program that helps you find what kind of loan you’d need, be it a fixed rate, variable rate, home purchase loan, refinance loan, and so on.
And before you even apply, GMAC offers credit counseling so that you know what to expect based on your current credit score. Since applying can be an arduous task, it might be worth looking into their credit counseling service before diving in so that you aren’t snagged by any nasty surprises.
GMAC also offers adjustable rate mortgages, which usually means that every five years or so your APR will adjust. In some cases this is ideal, especially if you’re repairing credit and know that in several years your credit might change. But it’s also one of the less common approaches when it comes to buying a home.
Tags: Home Mortgage, Industry
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