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Vandals Stick It To Business That Cheat On Credit Card Rules [vandals] [credit card]

admin — Fri, 13 Jan 2012 00:40:00 +0000

http://consumerist.com/5352570/vandals-sti.edit-card-rules

Reply:I need to get my hands on some of those stickers. Almost every food merchant in Carbondale where I go to school has imposed minimum purchase amounts for credit cards. Did the whole VISA 911 thing and nothing changed. (graduate this semester!)

Reply: QUOTE
Are you sure it is the police and not the D.A. that deals with such issues?
if its against the law the police handle it with a criminal summons and then the states attorney takes over.
So, if a CA violates any state/federal statutes, you can report to the cops too? Or may be, those instances are not criminal but just illegal?
I have not read anywhere anyone calling cops on a CA.
let me get it a LITTLE clearer. IN FLORIDA IT IS AGAINST THE LAW TO CHARGE A FEE TO USE A CREDIT CARD. It is a 2nd degree misdeameanor "sic" to do that therefore you can call the police and they will come and cite or possibly arrest the merchant or cashier who imposes the charge. in my county they arrest police and publish their names for bouncing checks they will certainly come and arrest a merchant who does this as well because bouncing a check is actually a lower degree depending on the amount of the check.
Thanks. They have better laws down there. Hope they enforce on violators.

Reply: I would pay and dispute the whole charge. that sign would come down quick. actually in my state I would also call the cops that merchant is committing a crime
Are you sure it is the police and not the D.A. that deals with such issues?
if its against the law the police handle it with a criminal summons and then the states attorney takes over.

Reply:I would pay and dispute the whole charge. that sign would come down quick. actually in my state I would also call the cops that merchant is committing a crime

Reply:in the example referred to in the article, a merchant took the card, but charged $2 to do so.
Go ahead and pay, then later dispute it with the ccard co.

Credit Card Piggybacking Still Raises Fico Scores [fico scores] [credit card]

admin — Thu, 29 Dec 2011 02:20:00 +0000

consumerist.com
Thoughts?

Best Answer: I did it for my mom and kept her cards. Ask him and hand him the cards you already have to ease any doubts

Reply: Keep in mind when thinking of doing that, you could ultimately end up screwing yourself over more than when you started….
So true.
They're taking away one tool in the credit repair toolbelt, the lipstick for the pig. We still have all the others. I'd much rather see a deletion of a baddie and good aging on my own accounts than have artificial AU points anyway.

Reply:For anyone who is thinking of doing this… Please keep the following in mind: IF you do, and you see a boost in FICO, and you are NOT working on the other half of credit repair immediately, once that AU is no longer figured into the equation, you may see a BIG FICO drop AND LOTS of AA from current creditors. Lines closed, CL decreases, rate-jacking, etc. Keep in mind when thinking of doing that, you could ultimately end up screwing yourself over more than when you started….

Reply: When I first started repair I considered this, and I'm glad I didn't get involved with it. Too shady, too much risk.
ITA. If these folks are doing something like this for money, just think about what they could do with your info and new credit scores once the piggybacking scheme is over.

Reply:When I first started repair I considered this, and I'm glad I didn't get involved with it. Too shady, too much risk.

Reply: Would be kind of foolish to pay that kind of money for a temporary boost in FICO.
Honestly, I think it would even be stupid to pay that kind of money for a permanent boost in FICO. I seriously believe that if I took away my AU account right now, I wouldn't see more than a 5-10 point drop.
Agreed, "so be it". I didn't do any of the work to pay the bills on that account, so I don't expect it to help me much, either.

Reply:I feel bad for the less educated who find out about this now, get looped into paying $2,000 for a 200 point increase and watch it all come crashing down in 4-6 months. I hope they get some tradelines out of it in the mean time.
Meanwhile, I'm sure these people will be milking this into mid next year.

Reply: consumerist.com
Thoughts?
Thanks, DW. I think that when it does happen, it will get UGLY on CB for a couple of days while everyone notices their drop in scores. There are supposed to be more unpleasant surprises than just the AU accounts.

Reply:If people still choose to participate in these last couple of months, so be it…they will be the ones most likely to be screwed when the change DOES take effect. To them, at that time, my comment will still be 'so be it.'

Reply:It's been discussed. New scoring algorithm is not yet in place, but will start slipping across the CRAs in the coming months.
Would be kind of foolish to pay that kind of money for a temporary boost in FICO.

The perfect credit card? [financial services group] [credit card]

admin — Mon, 31 Oct 2011 10:00:00 +0000

A Financial Services Group is launching a new credit card, a company I am associated with in dealing on a map would consult benefits.
I see if we can get some feedback from members, what benefits would be highly desirable.
Please answers to make this card post.
Some benefits include :
-you determine your credit limit. If you deposit $ 500, your card will double it to you to the available period to $ 1,000.
cash back on purchases. Earn cash back on your purchases plus you'll earn cash back on purchases made by friends and family, to get a card through the card referral program.
anti-identity theft. Without going into details, the card contains security features which effectively make identity theft of the card is not possible. (Identity theft reference to the fact that no one but you could use the card – as opposed to current map, where someone can sign for purchases) .
The card carries a $ 29.95 annual fee.

Best Answer: As the name suggests, a student credit card is specially designed for students and is very different from your regular credit card. Because it may be the first time for college students to apply for a credit card, most credit card companies designed their student credit cards to be a form of secured credit cards.

It will help a student to avoid accumulating high amounts of debt because of reckless spending. If you need groceries, or that recommended book but you don't have the money for it, then it may be time for you to use your student credit card. It is good if you start learning good financial habits from your student life itself. Don't use the card to pay for everything and anything. Use it judicially or it will land you in a debt to repay after the college finishes. apply online for a best student credit card at: http://www.credit-card-gallery.com/Stude…

Reply:Just make sure it's not this one -

Reply:Again, the referral thing smells like network marketing or "pyramiding", but of course it's not cause that would be ILLEGAL in the financial world under most states banking laws. Also, if you want people who are not a credit risk to use this card eliminate the yearly fee. YOu are going to have to DRASTICALLY lower your standards for this "hybrid" card as anyone with good-excellent credit already gets cash back, and miles, and lowest int rates, etc, etc, etc.

Reply:Getting a higher CL than the deposit is always good, even if its only 25% higher. If someone is trying to build credit with this card they'll want it reporting to all 3 as unsecured. The $29.99 annual fee is competetive among secured cards. But no one with 680+ will accept an annual fee, even on a completely unsecured card. If you want them to hold onto the card after they have good credit, the fee ought to be waived. Free FICO scores like Providian does, or even more than they do like having more than one bureau, would be of more interest to this market than a cashback program. Although creditboards is very popular I'd think that people who have any idea of "credit rebuilding" are a very small segment of the total population. So this card would be a niche product.

Reply:"First Bank" is the name of the institution he mentioned in his earlier post.
http://{$MySite}/forums/index.php?s…27&#entry818327

Reply:APR's will be among the lowest in the market. Obviously the card will report to CRA's.
Additional benefits of the card cashback payout of 3% on your purchases and again on your referals purchases. This adds up quick depending on the monthly spending of your referrals.
They are toying with the idea of also paying out cashback on multiple levels. With the idea of letting you earn cashback when someone you dont even know makes a purchase with their card. This feature alone makes the card better then anything in the market.
The concept of matching funds deposited to the card is quite ingenious in that with the explosion of payday lenders if say you needed $300 to pay a bill and only had $150. You could deposit that $150 to your card and it would be matched bringing your available balance to $300…enough to cover the bill, without having to pay the outrageous fees that are normally charged.
Obviously at this time I cannot divulge the bank issuing the card. However they do issue both Visa and MasterCard.

Reply:so if I put 50K on the card I will have 100K CL?
also, please answer my earlier questions. thanks

Reply:Maybe try 580+ for 100% matching.
Nobody with a 680+ score is going to want a secured card, or partially secured, or hybrid, whatever you're calling it.
And that scaling down of matching depending on your score is a bad idea – people will apply on promises that they'll get double their deposit, then find when you pull their credit you'll only add 25%? They won't be too happy about that.

Reply:is this a N.A. institution?

Reply:um…will this be a visa or mastercard?

Reply:The beauty of a hybrid card is that credit score would not weigh so heavily in card issuance.
What I anticipate is that depending on a cardholders credit score the ratio of matching funds to the card deposit would adjust.
For example:
500-525 25% matching
680+ 100% matching

Reply:Does the card EVER unsecure? This just seems to me to be a scam to fund the financial institution. I mean, I give you money so you can make money off of MY money, then I pay you interest when i want to use MY money! And on top of that you charge me a YEARLY FEE to do all of this. And if I refer my friends and family to this I get some of MY money back (kind of like network marketing?). Just MHO.

Reply:How about ability to suggest which CRA to pull?

Reply:I'm Interested!!!
What score would it be looking for and what CRA would it pull from?

Reply:Great comments! Please keep them coming.
The idea of this being a secured card is incorrect however. A true secured card is just that secured by the amount deposited. This is a hybrid card which provides the cardholder the ability to set their own credit limit based on the amount they fund the card with and then the company matches that amount which doubles the available balance.
There is no min or max on the amount the card can be prefunded.
All funding of cards is completed online via transfer from your bank account to your card.
Miles and points will not be a part of the card as the preferred reward has proven to be cashback. The addition of being able to earn cashback on purchases made by any referrals you make will more than offset the low annual fee of $29.95.

Reply:I think most people look at secured cards as a temporary thing to help them rebuild their credit until they can qualify for an unsecured card in a few months or a year.
Double credit line to your deposit is a nice feature in a secured card, but I don't think most secured card applicants are going to want to pay any extra for a cash back feature or extra identity theft promises. I'd drop those features if it allows you to reduce your annual fee.

Reply:
Right, but we are trying for the PERFECT CC right? I just thought having the option to decide between cashback OR Miles might be interesting to potential customers.
Also, yearly fees are not particularly sought out when getting a new card. Why the yearly fee?
OHHHHH, my bad, I had a brain fart, I got you now, sorry.

Reply:- Ability to have the cashback applied to deposit, in order to raise CL.
- Unsecuring of card automatic after certain period of time, but no more than 12 months
- Ability to get CLI on unsecured portion
- Offering of a 100 percent unsecured card
- Lower minimum deposit than $500. A $250 deposit, for a $500 limit is reasonable.
- Ability to add to the security deposit at anytime in any increment.
- Ability to apply online and make initial deposit online (would really set you apart from everybody else).
- Decent, think ING, interest rate on security deposit.
- Low APR

Reply:I hope he is not charging a lot for the advice.

Reply:
He said it would offer cashback

Reply:is this for a nationally acredited institution? if so I hope you are advising them on the OCC's views on partially secured cards.

Reply:Will this be only a prime card, or will you also offer a sub-prime one? Also, a lot of people like miles (maybe offer the option of miles OR cashback?).

Reply:I'd get it if it reported to the 3 CRA's.

Reply:Reporting as unsecured seems like a good one.

Can you use a credit card to pay a credit card? [balance transfer] [credit card]

admin — Tue, 30 Aug 2011 23:00:00 +0000

Not the entire balance, how to transfer a balance, but a part of it.
Just wonder if you can use credit card A to B to pay credit card if the conditions are more favorable to A.

Best Answer: yes, I have a paypal account and no credit card. All you need is a bank account. set up an account with your bank account and paypal deposit a small amount into it to verify the account and thats it

Reply:Also keep in mind that there is normally a balance transfer fee.

Reply: I do not believe you would be able to call up Card A and give them the number for Card B. You could do it as an online transfer or via convenience check, but that is likely the only two methods that would be available to you.
And you can't say "use this for all the purchases made by the AU card". It generally applies to the oldest purchases first (or the ones with the lowest int rate), so if the primary lets the account go bad and they try to collect from you (for your usage), you'll have to prove you paid off the purchases you made.

Reply: Sorry to hajacking your thread OP but I also want to know if I can transfer my best buycard to my new hsbc since and 0% for the next 6 months on balance transfers.
Thanks again.
You can do a BT on the BB but keep in mind that some issuers won't allow you to BT another card they issue. Either use the checks HSBC sends or log into their website and set it up.

Reply:Sorry to hajacking your thread OP but I also want to know if I can transfer my best buycard to my new hsbc since and 0% for the next 6 months on balance transfers.
Thanks again.

Reply:Could I do this with a card I am just an AU on? I want to pay a portion on a card I am an AU on with a card that is solely in my name.

Reply: Im planning on paying a portion of the balance on a card I am an AU on.
I was hoping I could just call the company, and pay it with a different card. It doesnt work that way?
You don't have to pay the entire balance with a BT. With most cards, you can go to online access type in the amount and name of creditor to pay.

Reply:Im planning on paying a portion of the balance on a card I am an AU on.
I was hoping I could just call the company, and pay it with a different card. It doesnt work that way?

Reply:I think you can order balance transfer checks and pay whom ever for whatever amounts.