Credit Card Cool http://www.creditcardcool.com/ Credit Card Resource en Peter Brady Copyright 2008 2008-04-14T13:14:01+00:00 The GM Credit Card http://www.creditcardcool.com/credit/comments/the-gm-credit-card1/2008-04-14/ The GM Credit Card looks fairly ubiquitous but incorporates some nice features - the most prominent of which helps you gain savings on a new Vauxhall or Saab! Other tasty tit bits include: • Typical 14.9% APR variable • 0% per annum on all purchases and balance transfers, fixed for the first five months from account opening, after which it will revert to the variable rate. A 2% balance transfer handling fee applies (minimum £5). • Rebate Points are earned at the rate of 3% of your spend. • 1 Rebate Point is equivalent to a £1 saving off the price of your new Vauxhall or Saab (subject to the Model Line Maximum). • Partner Points are earned on top of your normal Rebate Points whenever you shop at The GM Card Partners. The Partner Points rate is currently 3% of your spend. • 100 free Rebate Points when you use your GM Card for the first time (the equivalent to £100 saving off your new Vauxhall or Saab). • Transfer your Rebate Points to an eligible family member who is not a GM Cardholder. • Two GM Cardholders living at the same address can pool their Rebate Points. • No annual fee to pay The GM Credit Card looks fairly ubiquitous but incorporates some nice features - the most prominent of which helps you gain savings on a new Vauxhall or Saab!

Other tasty tit bits include:

• Typical 14.9% APR variable

• 0% per annum on all purchases and balance transfers, fixed for the first five months from account opening, after which it will revert to the variable rate. A 2% balance transfer handling fee applies (minimum £5).

• Rebate Points are earned at the rate of 3% of your spend.

• 1 Rebate Point is equivalent to a £1 saving off the price of your new Vauxhall or Saab (subject to the Model Line Maximum).

• Partner Points are earned on top of your normal Rebate Points whenever you shop at The GM Card Partners. The Partner Points rate is currently 3% of your spend.

• 100 free Rebate Points when you use your GM Card for the first time (the equivalent to £100 saving off your new Vauxhall or Saab).

• Transfer your Rebate Points to an eligible family member who is not a GM Cardholder.

• Two GM Cardholders living at the same address can pool their Rebate Points.

• No annual fee to pay

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]]> 2008-04-14T13:14:01+00:00 Kids Use Pre Paid Credit Cards to Buy Booze http://www.creditcardcool.com/credit/comments/kids-use-pre-paid-credit-cards-to-buy-booze2/2008-04-14/ In a sting operation backed by the People (a British newspaper), reporters from the paper caught various retailers selling pre paid credit cards without ID checks. Kids are known to use these cards for purchasing alcohol, weapons and gambling online. From it’s research, the People established that that UK youngsters can obtain pre-payment cards for as little as £3 from shops and newsagents with negligible checks on age, name or address. These cards can then be used by youngsters to buy adult goods and services online. The teenager used by the paper to expose this story said: “It was unbelievable how easy it was, Kids at school buy these cards so they can order stuff off the internet. Once you have one, you can get away with just about anything.” UK law specifies that credit cards are only available to those over the age of 18 and even then the individual must go through rigorous credit checks and reference checks. Whether these checks are rigorous enough seems to be questionable.  In a sting operation backed by the People (a British newspaper), reporters from the paper caught various retailers selling pre paid credit cards without ID checks. Kids are known to use these cards for purchasing alcohol, weapons and gambling online.

From it’s research, the People established that that UK youngsters can obtain pre-payment cards for as little as £3 from shops and newsagents with negligible checks on age, name or address.

These cards can then be used by youngsters to buy adult goods and services online.

The teenager used by the paper to expose this story said:

“It was unbelievable how easy it was, Kids at school buy these cards so they can order stuff off the internet. Once you have one, you can get away with just about anything.”

UK law specifies that credit cards are only available to those over the age of 18 and even then the individual must go through rigorous credit checks and reference checks. Whether these checks are rigorous enough seems to be questionable. 

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]]> 2008-04-14T13:12:00+00:00 The GM Credit Card http://www.creditcardcool.com/credit/comments/the-gm-credit-card/2007-10-23/ The GM Credit Card looks fairly ubiquitous but incorporates some nice features - the most prominent of which helps you gain savings on a new Vauxhall or Saab! Other tasty tit bits include: US Credit Cards The GM Credit Card looks fairly ubiquitous but incorporates some nice features - the most prominent of which helps you gain savings on a new Vauxhall or Saab!

Other tasty tit bits include:

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]]> 2007-10-23T09:17:00+00:00 Bank Charges Frozen Until Test Case http://www.creditcardcool.com/credit/comments/bank-charges-frozen-until-test-case/2007-09-07/ According to the Daily Mail Judge Abrahams, at Luton County Court, forced Barclays to stop applying any more charges until a High Court test case settles the legal issues involved. The test case is the culmination of a long running battle over unfair penalty charges. According to official figures Barclays has repaid £87m in overdraft charges this year alone. The five main banks have repaid a staggering £400m in charges since January. “The OFT and the banks are currently involved in bringing a test case to clarify whether bank charges are unlawful. Consumer lawyers claim that the fees the bank collects when a customer goes overdrawn, or a direct debit is bounced, contravene consumer contract legislation.” It is likely to be many months before the case is heard.  Credit News According to the Daily Mail Judge Abrahams, at Luton County Court, forced Barclays to stop applying any more charges until a High Court test case settles the legal issues involved.

The test case is the culmination of a long running battle over unfair penalty charges. According to official figures Barclays has repaid £87m in overdraft charges this year alone. The five main banks have repaid a staggering £400m in charges since January.


“The OFT and the banks are currently involved in bringing a test case to clarify whether bank charges are unlawful. Consumer lawyers claim that the fees the bank collects when a customer goes overdrawn, or a direct debit is bounced, contravene consumer contract legislation.”

It is likely to be many months before the case is heard. 

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]]> 2007-09-07T06:00:00+00:00 What is the Fair Credit Billing Act? http://www.creditcardcool.com/credit/comments/what-is-the-fair-credit-billing-act/2007-09-06/ The Fair Credit Billing Act is a US federal act that protects many important credit rights including your rights to dispute billing errors, unauthorized use of your account, and charges for unsatisfactory goods and services. Glossary The Fair Credit Billing Act is a US federal act that protects many important credit rights including your rights to dispute billing errors, unauthorized use of your account, and charges for unsatisfactory goods and services.

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]]> 2007-09-06T06:00:00+00:00 Kids Use Pre Paid Credit Cards to Buy Booze http://www.creditcardcool.com/credit/comments/kids-use-pre-paid-credit-cards-to-buy-booze1/2007-09-05/ In a sting operation backed by the People (a British newspaper), reporters from the paper caught various retailers selling pre paid credit cards without ID checks. Kids are known to use these cards for purchasing alcohol, weapons and gambling online. From it’s research, the People established that that UK youngsters can obtain pre-payment cards for as little as £3 from shops and newsagents with negligible checks on age, name or address. These cards can then be used by youngsters to buy adult goods and services online. The teenager used by the paper to expose this story said: “It was unbelievable how easy it was, Kids at school buy these cards so they can order stuff off the internet. Once you have one, you can get away with just about anything.” UK law specifies that credit cards are only available to those over the age of 18 and even then the individual must go through rigorous credit checks and reference checks. Whether these checks are rigorous enough seems to be questionable. Credit News In a sting operation backed by the People (a British newspaper), reporters from the paper caught various retailers selling pre paid credit cards without ID checks. Kids are known to use these cards for purchasing alcohol, weapons and gambling online.

From it’s research, the People established that that UK youngsters can obtain pre-payment cards for as little as £3 from shops and newsagents with negligible checks on age, name or address.

These cards can then be used by youngsters to buy adult goods and services online.

The teenager used by the paper to expose this story said:

“It was unbelievable how easy it was, Kids at school buy these cards so they can order stuff off the internet. Once you have one, you can get away with just about anything.”

UK law specifies that credit cards are only available to those over the age of 18 and even then the individual must go through rigorous credit checks and reference checks. Whether these checks are rigorous enough seems to be questionable.



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]]> 2007-09-05T06:00:00+00:00 Credit Cards - The New Business Essential? http://www.creditcardcool.com/credit/comments/credit-cards-the-new-business-essential/2007-09-04/ UK consumers rely heavily on credit card debt for a variety purchasing activities. What about UK businesses? A recent report suggests business can find flexibility, ease and convenience by using credit cards instead of petty cash. The report says: Credit News UK consumers rely heavily on credit card debt for a variety purchasing activities.

What about UK businesses?

A recent report suggests business can find flexibility, ease and convenience by using credit cards instead of petty cash.

The report says:

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]]> 2007-09-04T06:00:00+00:00 Teens Failing to Understand the Perils of Credit http://www.creditcardcool.com/credit/comments/teens-failing-to-understand-the-perils-of-credit/2007-09-03/ There have been some fascinating results emanating from the eighth annual poll on Teens and Personal Finance by Junior Achievement Worldwide. Most of the evidence seems to indicate that teenagers are often developing dubious credit habits. One of the key tenets of the report suggests: “Many teens seem to be taking advantage of parental responsibility for minors’ debts by not bothering to learn how to manage their credit card’s monthly payments,” i.e the bank of mummy and daddy jump in to help - and the kids know it! Interesting stats coming from the poll include: • Among teens ages 13-14, only 2.7 percent report having credit cards. • The percentage nearly doubles to 5.3 percent for teens 15-16. • Percentages double again to 10.6 percent for 17-year-olds. • Percentages nearly triple to 28.8 percent for teens 18 or older. However, this growing market of teenage credit card consumers seems to be lacking the nous to manage their debts sensibly Credit News There have been some fascinating results emanating from the eighth annual poll on Teens and Personal Finance by Junior Achievement Worldwide. Most of the evidence seems to indicate that teenagers are often developing dubious credit habits.

One of the key tenets of the report suggests:

“Many teens seem to be taking advantage of parental responsibility for minors’ debts by not bothering to learn how to manage their credit card’s monthly payments,”

i.e the bank of mummy and daddy jump in to help - and the kids know it!

Interesting stats coming from the poll include:

• Among teens ages 13-14, only 2.7 percent report having credit cards.

• The percentage nearly doubles to 5.3 percent for teens 15-16.

• Percentages double again to 10.6 percent for 17-year-olds.

• Percentages nearly triple to 28.8 percent for teens 18 or older.

However, this growing market of teenage credit card consumers seems to be lacking the nous to manage their debts sensibly

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]]> 2007-09-03T06:00:00+00:00 Credit Card Cash Problem http://www.creditcardcool.com/credit/comments/credit-card-cash-problem/2007-08-31/ Credit cards do offer a wide range of useful features. However, one complaint that often crops up is the cost of withdrawing cash. It seems that many credit card companies see cash withdrawals as an easy meal ticket. I suppose they’ve got to make their money somewhere but the fees and interest on cash withdrawals is gradually becoming a problem. Here’s why: 1. Card issuers begin charging you interest as soon as you withdraw the cash. 2. In contrast, many cards offer interest free periods on purchases if you pay off the balance in full. 3. Interest rates charged on cash withdrawals from credit cards is significantly higher than that charged on purchases. E.g American Express charges 20pc on cash withdrawals, compared with 18.9pc on purchases, according to a recent survey.. 4. A fee of 1.5% is usually charged on any cash withdrawal. 5. Really watch out when you’re abroad. You might get a double whammy of cash charges and interest, plus currency conversion fees. Ouch. UK based Nationwide Credit Card is always best for use on holiday. Credit News Credit cards do offer a wide range of useful features. However, one complaint that often crops up is the cost of withdrawing cash.

image

It seems that many credit card companies see cash withdrawals as an easy meal ticket. I suppose they’ve got to make their money somewhere but the fees and interest on cash withdrawals is gradually becoming a problem.

Here’s why:

1. Card issuers begin charging you interest as soon as you withdraw the cash.

2. In contrast, many cards offer interest free periods on purchases if you pay off the balance in full.

3. Interest rates charged on cash withdrawals from credit cards is significantly higher than that charged on purchases. E.g American Express charges 20pc on cash withdrawals, compared with 18.9pc on purchases, according to a recent survey..

4. A fee of 1.5% is usually charged on any cash withdrawal.

5. Really watch out when you’re abroad. You might get a double whammy of cash charges and interest, plus currency conversion fees. Ouch. UK based Nationwide Credit Card is always best for use on holiday.

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]]> 2007-08-31T06:00:00+00:00 Bank of America Signs NFL Sponsorship Deal http://www.creditcardcool.com/credit/comments/bank-of-america-signs-nfl-sponsorship-deal/2007-08-30/ Bank of America has apparently signed up to a 3 year sponsorship deal with the National Football League. This is an expansion on a previous agreement that incorporated NFL and team identified credit cards as well as a sports rewards program. It sounds similar to the rewards program set up by the UK’s Barclaycard Football Credit Card - 0% on All Season Tickets. According to BizJournals: “Under the new agreement, BofA has launched nationwide NFL Checking, a portfolio of team-specific products that includes debit cards and checks with logos from the Panthers, Dallas Cowboys, New England Patriots and Washington Redskins. A suite of debit cards and credit cards bearing the NFL logo will be available in November. BofA (NYSE: BAC) will have the exclusive rights in banking services to use the NFL shield logo and other NFL-licensed marks, such as the Super Bowl, in marketing and advertising promotions through the 2009 season. Services include consumer checking and savings; credit, debit and ATM card issuance; wire and currency transfer services; currency-exchange services; and community-development banking. BofA also will have the rights to advertise during NFL games and on NFL-controlled media assets, such as NFL Network and NFL.com.” Credit News Bank of America has apparently signed up to a 3 year sponsorship deal with the National Football League.

image

This is an expansion on a previous agreement that incorporated NFL and team identified credit cards as well as a sports rewards program. It sounds similar to the rewards program set up by the UK’s Barclaycard Football Credit Card - 0% on All Season Tickets.

According to BizJournals:

“Under the new agreement, BofA has launched nationwide NFL Checking, a portfolio of team-specific products that includes debit cards and checks with logos from the Panthers, Dallas Cowboys, New England Patriots and Washington Redskins.
A suite of debit cards and credit cards bearing the NFL logo will be available in November. BofA (NYSE: BAC) will have the exclusive rights in banking services to use the NFL shield logo and other NFL-licensed marks, such as the Super Bowl, in marketing and advertising promotions through the 2009 season. Services include consumer checking and savings; credit, debit and ATM card issuance; wire and currency transfer services; currency-exchange services; and community-development banking. BofA also will have the rights to advertise during NFL games and on NFL-controlled media assets, such as NFL Network and NFL.com.”

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]]> 2007-08-30T06:00:00+00:00