Popular Deals
optionsXpress Platinum Visa: 0% Balance Transfer for 12 Months, $75 Max BT Fee
June 30th, 2009The optionsXpress Platinum Visa offers something that very few credit cards today do: a 0% balance transfer deal with a capped fee. More specifically, it offers an intro balance transfer promo of 0% for 12 months with a 3% balance transfer fee capped at $75. In addition, the card carries no annual fee and has a reward program.
optionsXpress.com is an online brokerage where you can trade options, futures and stocks. While an investment account is not necessary to obtain the credit card, you will not be able to redeem any rewards without one. Credit card holders will earn 1 point for every dollar spent and for every 1500 points accumulated, $15 can be deposited to your account, equivalent to a 1% rebate.
For more info, see this link (Many thanks to reader Mike for the tip.)
Have Credit Card Debt? It’s Time to Make a Deal
June 24th, 2009Both consumers and banks are continuing to feel the economic pinch, as credit card chargeoffs rose to over 10% for the first time ever. According to Moody’s, their chargeoff rate index rose to 10.62% in May versus 9.97% in April. In addition, TransUnion reports that 1.32% of credit card users were at least 90 days delinquent in the first quarter of the year, representing an 11% increase from a year ago. The Federal Reserve confirms this trend, reporting that 6.5% of credit card debt was at least 30 days delinquent in the first quarter, the highest number ever reported. Overall, analysts estimate that credit card losses could surpass $70 billion for the year.
While they are reluctant to admit it, this sobering backdrop has caused banks to switch up their strategies. Card companies are now increasingly willing to negotiate with consumers who have outstanding delinquent balances, in an attempt to salvage at least a part of what they are owed.
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Obama Signs Credit Card Reform Bill
May 22nd, 2009New credit card rules designed to protect consumers from being charged excessive fees and rates without warning were signed into law today by President Obama. While many of the changes in the The Credit Card Accountability Responsibility and Disclosure Act were already put into place by the Federal Reserve in December, those rules weren’t set to take effect until July 2010. The newly signed bill will require that some changes be made by mid-August of this year, with the rest of the changes being implemented next February.
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Amex Daily Wish Starts Today
May 19th, 2009The American Express Daily Wish is back beginning today. In what amounts to a contest or sweepstakes, American Express offers its card holders the chance to purchase selected goods at highly discounted prices. From electronics and fashion to travel packages, offers go on a first-come, first-served basis, so you have to be both quick and lucky.
Details can be found at dailywish.amexnetwork.com.
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How a College Student Got Amex to Reinstate His Credit Limit
May 8th, 2009The Consumerist recently relayed the story of a college student who, like many Amex cardholders, just got his credit limit cut. Unhappy to take the hit to his credit score, the student tried, without much initial success, to get customer service to reinstate his credit limit.
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Banks Continue to Hike Rates, Fees
April 28th, 2009Based on a survey of the ten largest banks in the ten largest markets, Bankrate.com found that credit card interest rates continue to climb. Overall, the survey found that the average APR of variable interest rate cards rose from 10.70% to 10.78%. The segment that experienced the highest rate increase was low-interest rate credit cards, which saw average APRs rise to 11.70%, up from 11.62% last week. This hike represents the largest weekly increase in over two months.
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Bank of America Raises Credit Card Rates
April 9th, 2009Following similar moves by other banks, Bank of America just announced plans aimed at boosting its bottom line, in part by raising interest rates on many of its balance carrying customers. According to the WSJ, any B of A credit card holder who carries a balance currently below 10% will see their rate jump to double digits beginning with their June statements. The exact number of affected customers is not being released, but estimates range as high as four million of Bank of America’s 70 million credit card customers.
Consumers do have the option of notifying Bank of America, opting out of the change, and keeping their current interest rate, but that requires making no new purchases on their card. Any new charges would cause the new, higher rate to apply to the entire balance.
Free Experian Credit Report and Score for Amex Cardmembers
April 4th, 2009American Express is offering a service called “My Credit Score & Report” that gives customers a free Experian credit report and score when they enroll. You’ll have 30 days to access your report and score, at which time your membership will automatically lapse without having to cancel.
This offer is available online at americanexpress.com/creditreport (Via FW)
PenFed: 2.99% Balance Transfer for Life
March 30th, 2009PenFed is now offering a 2.99% balance transfer offer for life on its Visa Platinum Rewards card.
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Double Membership Rewards Points on Gas and Groceries for a Year
March 24th, 2009American Express consumer charge cards can now earn double Membership Rewards points on gas and groceries (up to $1,000 each month) until March 15th, 2010. Cardmembers can either register online at www.americanexpress.com/counttwice or by calling 1-800-794-1308 and entering promo code 139150001. You must have enrolled in this promo prior to making purchases in order to earn the bonus.