Entries Tagged as 'Credit Cards'

eBay Master Card

GE Money Bank provides the private labeled eBay Master Card and they’ve been running promotions here of late to give you a fairly substantial cash back bonus (generally up to $25.00) on your eBay purchases (applied as a statement credit, instantly).

This might be a good choice if you have an eBay purchase in mind — but there are many better cash back credit cards out there.

For general purpose use the Pentagon Federal Credit Union VISA card is one the the sweetest.

For private label cards, the Chase Amazon.com VISA offers a $30 instant bonus and 6% cash back for the first 90 days; the Chase Buy.com VISA offers a $40 instant bonus; the GE Money Bank Sam’s Club Discover offers a $40 instant bonus; and the GE Money Bank Walmart Discover offers a $10 instant bonus (plus additional $10 bonuses for using the card at places other than Walmat and Sam’s Club).

You can certainly put a little money back in your pocket by playing the credit card game — of course you have to be careful that you understand the rules for getting the cash back (and make sure you follow them).

A couple things to keep in mind.

GE Money Bank is a major credit card issuer — but they are a very low rent credit card company; and you certainly will not be treated like a “valued” customer or even a customer that has a choice.  Both Chase and Citibank are far better large credit card companies to do business with — and Pentagon Federal Credit Union has out of this world customer service and does value your business.

Your credit score can be negatively impacted by applying for a large number of credit cards in a short period of time (regardless of whether or not you are approved, the credit inquiries may lower your FICO score).  To protect yourself, and insure that you get the best credit offers, don’t apply for more than two credit cards in any one month — and try not to apply for more than four in any consecutive three month period.

Originally posted 2010-10-07 02:00:44.

Citi Mobile SM for Cards

Citibank has rolled out a mobile banking application for many phones on most major cellular carriers.

Personally I’m not sure why we’ve gone to a model where vendors seem to believe we need all kinds of applications to do simple things that could be done through a web browser… perhaps that’s an unfortunate side-effect of the iPhone craze (or perhaps better said as crazies).

I think it’s great that banking institutions are thinking about ways to provide services to individuals who have cellular data plans, but I think it’s unfortunate that we can’t just use simple standards — after all, the point is to enable the flow of information, not to make an application that people play with like a game.

To use the Citi Mobile application, you need a supported handset on a supported carrier, and you have to sign up, download, and activate it through the Citi “My Account” web portal.

Originally posted 2009-01-28 01:00:03.

Amazon Merchants

Once again I’ve been disappointed with the “service” and “products” provided by an Amazon merchant.

I’ve ask Amazon how to inhibit the display of any and all items except those sold by them; I don’t care to deal with the questionable merchants that use Amazon’s sites.  And obviously Amazon doesn’t stand behind them either (look over their A-Z Guarantee, and notice that a person who buys an item every day has the same lifetime limits as one who rarely buys — sounds to me like Amazon is afraid to offer a real guarantee — why should I have more confidence).

Anyway, rather than play the game with Amazon I’ve just opened a charge dispute with my credit card company (which in this case happens to be an Amazon credit card).

If Amazon doesn’t have a way to block the display non-Amazon merchandise I’ll close my account (and credit card).

Originally posted 2009-04-08 12:00:24.

Where Can You Use Credit Cards?

Here’s a quick list:

  • Grocery stores (3% category on Citi & Chase)
  • Gasoline (3% category on Citi & Chase)
  • Pharmacies (3% category on Citi)
  • Fast Food (3% category on Chase; bonuses for Blinx)
  • Electric & Gas Bills (I highly recommend virtual card numbers)
  • Telephone Bills (I highly recommend virtual card numbers)
  • Cellular Bills (I highly recommend virtual card numbers)
  • Cable Bills (I highly recommend virtual card numbers)
  • Traffic Fines (provided there’s no convenience fee,  I highly recommend virtual card numbers)
  • Property Taxes (provided there’s no convenience fee,  I highly recommend virtual card numbers)
  • Retail
  • Dining Out
  • Movies
  • Movie Rentals
  • Online Shopping (I highly recommend virtual card numbers)
  • Colleges and Schools
  • Travel
  • Hotels

There’s virtually no limit to where you can use credit cards; and every place you use cards that pay cash back gives you cash back (up to you limit, and then just switch cards).

Then you can pay your credit card with you bill payment service; or you can have your credit card company issue an ACH directly from you checking, savings, or money market account (this actually keeps the money in your account longer, and instantly credits to your credit card — of course you’re authorizing your credit card company to withdraw from your cash accounts, so you have decide if it’s right for you and you generally have the option of either automatic payment or directed payments).

———-

Blinx is Chase’s name for PayWay / PayPoint / FastPay — the RFID enabled credit card way to pay (Chase embeds RFID chips inside of many of their credit cards); currently they provide incentives to get people to use RFID style payment.

Virtual Credit Card Numbers are available through services offered by a number of credit card companies.  They differ slightly in implementation, but essentially allow you to set charge amount limits, and expiry dates.  Once an authorization is done to a virtual credit card number the card can only be charged against by that merchant.  You can generally extend the expiry date and charge amount at any time you want.  And you can terminate the card at any time you want (you cannot prevent already authorized charges from being committed to the card).  This is an excellent fraud deterrent, and prevents companies from charging any authorized fees to your account (which saves you the trouble of having to file a charge back).  I’ve used virtual card number ever since I had an MBNA VISA card (MBNA was acquired by Bank of America), they were one of the big innovators in this technology.

Originally posted 2008-05-16 21:35:48.

Credit Card Game

So you’re looking to add another credit card to your wallet… here’s a few options and things to consider ad you play the credit card game and get the financial institutions to pay you.

Discover — promo offer, spend $500 and get $50 cash back; but you’ll only get 0.25% cash back in the first tier (but they do have on going special categories, and the cash back percentage goes up as you spend more; but certainly their are better options).

Walmart Discover — promo offer will give you $20 cash back if you spend $100 on it the day you apply at a Walmart store (you get a check with your first statement).  Keep in mind that the Walmart Discover isn’t actually issued by Discover Financial Service, but rather by GE Money Bank (so it has to be managed through the Walmart portal, not Discover; and it doesn’t have many of the features of a regular Discover card).

NOTE: Discover branded card allow you to get cash back at a Walmart or Sam’s Club (which is charged as a purchase, not cash advance).

Citi Diamond Preferred MC (or AMEX) — promo “5% bonus” on gas, drugstores, and supermarkets for the first year; if you spend $300 in the first three months you get a $50 gift card; 1% normally — virtual credit card numbers

Citi Dividend MC — “bonus” categories change; 1% minimum ($300 max rebate per year) — virtual credit card numbers.

Chase Freedom VISA — promo 5% on gas and travel right now, the “bonus” categories change; 1% minimum.

CapitalOne Platinum VISA — 2% on gas and groceries, 1% minimum — low rent bank; but pay your bills and you will be fine.

Costco AMEX — 3% gas and dining; 2% travel, 1% minimum (requires paid Costco membership; $3000 purchase limit on 3% gas, 1% afterwards).

Most all the cash back cards now don’t offer good cash back rates for long (you have to play the promo game)… one way to avoid that is get a “branded” card at a place you do lots of business (like if you bought Shell gas most of the time get the Shell VISA — but it only works if there’s a card from place you do a lot of business and it pays say 5% there and 1% elsewhere; Chase has lots of those types of cards).

My feeling is the right number of credit cards is THREE

  • VISA
  • Master Card
  • Discover

You can argue four if you like AMEX — and that would probably be either the Costco or Citi AMEX for the best deal.

I would say acquire a credit card no more often than every three months until you’re at the level you want… if you find a card you like better than one you have — acquire it and just don’t use the other card (you can close it as well, but that really doesn’t buy you anything). DO NOT apply for more than a single credit card per month; and be careful about opening a bank account AND applying for a credit card in the same thirty day window (do the credit card first).

NOTE: Use credit cards responsibly.  If you can’t afford to pay the balance off every month — don’t make the purchase.  While many people keep revolving balances on credit cards, the interest rate (even a good interest rate for a credit card) makes the cost of what you’re purchasing ridiculous.  If you feel you won’t use a credit card responsibly — look for a financial institution that offers rewards on their debit card.

If I were applying for a new card right now it would probably be the Citi Diamond Preferred; and I’m considering applying for a Citi Diamond once the Chase 5% gas deal is over.

NOTE: I have a Discover, Walmart Discover, Citi Dividend, and Chase Freedom (along with others that I have not included on the this list).  I do not have (nor do I want) any AMEX card; nor do I personally want to do business with CapitolOne.

Originally posted 2010-07-23 02:00:19.

Citibank World Dividends Master Card

I got home Friday evening and had an alert from Citibank that a statement was ready on my Citibank World Dividends Master Card account… this is an account they’d converted from their Dividends reward card that had a really nice cash back program to a card that really didn’t have a very good program at all, so I really didn’t use the card much; but I’d done a small charge on it a couple months ago, and then paid it off when the bill was issued.

So, the alert was notifying me that I had a statement ready that would have a zero balance, and would only be showing a posted payment.

The problem was… there wasn’t a PDF of the statement available.  And the same thing had happened to me about eight months previously; so I actually knew exactly what it was.

The bottom line was some programmer at Citi decided (or was instructed to) not produce PDF statements for account with zero balances period… ignoring the fact that federal law requires a credit card company to issue out a statement with a zero balance should there be any transactions in the period the statement covers.

Certainly the supervisor I was transferred understood the requirement that a statement be issued when there was transactions during that period…

But, once again, I was sent over to a on-line technical support agent; who insisted the problem was my browser… Firefox 8; so we tried it in Internet Explorer 9… same thing, no PDF statement… then we tried it in Internet Explorer 8, Internet Explorer 7, and Firefox 5… guess what, still no PDF statement (she of course wouldn’t have it that I’d gone through all of this before — she had to make sure she wasted the maximum amount of my time that she could); then the technical support representative decide that maybe she should actually ask someone about this issue… and –SURPRISE– she was told that there was an issue in the system and in fact PDF statements were not issued out on account that had a zero balance, that they had to be requested to be generated.

While normally I believe in the three strikes you’re out paradigm, for a financial institution as well run as Citibank I made an exception… I decided because they managed to waste 50 minutes of my life today; and another about 90 minutes of my life several months ago on the exact same issue, that they were OUT!

I requested a return to a supervisor and canceled my account.

As always, I wished her the best of luck finding another job when the financial institution she worked for went out of business, and assured her that I would do everything in my power to encourage everyone I knew to dump Citibank.

The only unfortunate thing about cancelling the account was losing the $13.56 in Dividend reward points, but I certainly wasn’t going to keep the card until I had accumulated the $50.00 in reward points necessary to request a check.

I still have a two other Citibank credit cards (one VISA and one Master Card)… and while I may keep those cards for the moment (since Citibank and Bank of America are the only two financial institutions in this country that provide virtual credit card numbers)… but I will guarantee you I’ll make sure as little money as possible is charged through Citibank, and should one of my credit unions add virtual credit cards Citibank will be history for me.


UPDATE:

On Sunday I received an email from Citibank telling me that there was a PDF of my statement available for download.  Guess what — no statement.  I called up the clueless people at Citibank (again) to waste (more) of my time…

I guess maybe they’ll just have to change the spelling of their company to Shittybank.

Originally posted 2011-11-20 02:00:27.

Discover Discover

Last week I called up Discover Financial Services to get an answer to a question I had about my Discover Card.

I’ve long considered Discover as a tertiary provider of card services; their card is not as widely accepted, and (until recently) their rewards program has been weak in comparison to others.

While all that may still be true, one of the most important qualities to appraise any service by is the quality of their customer service.

The only thing I can say is, I was floored.

The woman who assisted me was possibly the best customer service agent I’ve ever spoken with.  Her voice was soft and even toned and crystal clear.  She certainly made me feel like she was concerned that I be satisfied, and her knowledge and understanding of Discover made it a relatively easy task for her to shine.

This call caused me to reflect back on Discover as a whole, and I realized that I’ve never had a bad experience with Discover customer service.  While I won’t try and tell you that every call to Discover has been at this level, none have ever required that I ask for a supervisor.

I also realized that even the way that Discover has you identify your account is designed to make it easy for a customer (consider the credit card companies that have you key in a sixteen digit number, time out if you take too long, and rarely get the number right on the first [or third] time and then ask you for the number again when you finally end up talking to someone).

A Discover Card might not be the right fit for everyone; but take a look at their financial services, and if they look like a good fit, I encourage you to give them a test drive — you might like the experience; and as Discover grows we can only hope that other financial service companies feel the pressure to provide consumers with reasonable customer service.

Discover

http://www.discovercard.com/

NOTE: Discover Cards are issued by Discover Financial Services, GE Consumer Finance (aka GE Money Bank, ie Walmart and Sam’s Club), HSBC, and Green Dot Corporation (pre-paid) — as with VISA and Master Card the issuing financial institution is responsible for servicing the account, so your customer service experience will likely differ with a non Discover Financial Services issued card.

Originally posted 2010-08-08 02:00:20.

Credit Card Payments

For years I’ve used bill payment services to manage my finances; you log on when you get your bills (or once a week or so) and schedule the payment to arrive a few days before it’s due (you don’t want to cut it too close).

The exception to my using bill payment has been vendors that accept credit cards — I’d much rather pay them direct using a virtual credit card number and get the points; and most of them don’t allow you to schedule the payment, you have to do it now (which is why we have calendar alerts).

So in general what happens is I end up only paying my credit cards with bill pay…

Well, a screw up by one of the bill pay services I used forced me to make a CitiCards payment using their on line system.  I was a little more than annoyed, but I discovered something.  CitiBank immediately posted my payment, and of course the money didn’t disappear from my account for three days — the exact reverse of what happens with bill payment!

Chase just sent me a “special offer” of 500 bonus points to enroll my Amazon VISA in their payment program… so I did.  They didn’t require that I use it, just enroll a bank account (and of course, they already have all the bank account information anyway, and large credit card companies are probably okay to trust with a little more financial information).

I haven’t decided if I will use their payment services or not, but I’m thinking that I can keep the money in my account longer, and get an immediate confirmation for credit card payment (never having to deal with any of the unfortunate incidents that can occur when your bill payment service screws up and tell you you’ll have to resolve it).

Anyway, the bottom line is using your credit card company’s payment system may actually make your life easier, and will definitely allow you to keep your money longer.

 

__________

 

I’ve used this for a couple months now with Citibank, and I just started paying my Chase bill this way.  It’s great, when the statement comes in and I reconcile it against my records I just go ahead and schedule the payment for the business day before it’s due (you could push it until the day it’s due).  Then it just happens; you card is paid instantly on the date you specify and the money is removed from your cash account (savings, checking, or money market) several days later.  If it’s like my Chase due date, you actually can get a few extra pennies interest since it pushed the date the money is deducted from my account until after the monthly close (and with many credit cards you can select the closing date, so you can always pay before the end of the month and still get the benefits for it).

Originally posted 2008-05-23 15:45:18.

PayPal

The world’s most-loved way to pay and get paid.

What a crock… everyone I know loathes PayPal… the only reason anyone uses it is critical mass; pretty much the same reason people use eBay — that’s like saying people love the phone and cable company just because they use their services.

It’s laughable that a brand that’s synonymous with poor service and screwing people over every time they have a chance would have a slogan like that…

Of course, I broke into hysterical laughter the first time a Pacific Bell customer (dis)service person answered the phone with:

How may I provide you with excellent service today.

My reply was transfer me to a company that actually cares about it’s customers if you can find one.

Remember, it’s the worst companies that find it necessary to try and convince you that they’re loved…

Originally posted 2011-01-20 02:00:53.

Protecting Your Rewards

Many financial institutions that issue “cash back” or “rewards” debit cards and credit cards are in poor financial shape at the moment.

As a precaution you may want to cash in your points now in order to insure that the institutions don’t make a change to the program that greatly diminishes your value.  In addition you might want to find another financial institution that isn’t in precarious financial condition with a rewards program to use in the interim until your current institution stabilizes.

The two largest banking institutions that have liberal rewards programs that are in financial trouble are Citi Group and Bank of America.

The largest banking institution that has a liberal rewards program that isn’t in financial trouble is Chase.

Originally posted 2009-01-29 01:00:04.