Entries Tagged as 'Credit Cards'

Chase Freedom Rewards Bonus

From July 1, 2008 until September 30, 2008 Chase is offering 5% cash back on eligible travel and entertainment purchases.

So beyond the 3% cash back on certain categories they always offer; and 1% on all other purchases you can now get 5% cash back for a limited time on airline, hotels, rental cars, and fine dining when you spend more than $300 per month (that should be easy to do with any of those in the mix, particularly if it’s business expenses).

You do need to opt into this program, and if you haven’t gotten a letter from Chase inviting you, I’d say just go ahead and call 800-603-2265.

If you don’t have a Chase Freedom MasterCard or VISA, then maybe you should consider taking advantage of their services and rewards.

NOTES:

  • If you want cash back, you maximize your reward by waiting until you have $200 because you get a check for $250! Other than that some of their travel and give cards are pretty good deals if they would save you money that you would have spent otherwise.
  • Discover is apparently running a promotion as well. I’m not a Discover card holder so I don’t know the specifics of it.
  • My picks for cards are: Citi Rewards Dividend (Citibank); Chase Freedom Rewards (Chase); and Citi Cash Returns (Citibank). There are also a few other cards that give good rewards provided you do a great deal of business with particular vendors.
  • I would stay away from Wells Fargo, Bank of America, Capital One — their cards generally don’t pay bonuses or use some lame bonus programs.  And while you might want a credit card from your credit union, it’s unlikely they will have a decent reward program.
  • Beyond rewards, many credit cards also provide rental car insurance, warranty extensions, lost/damage protection on items you buy, etc.  It’s always advisable to read the benefits that come with your credit card; many financial institutions off great benefits just because very few people ever bother to read the literature that comes with their cards and take advantage of the programs, so it really just makes them look good in all the comparisons and doesn’t end up costing them much at all.

As always, remember you can use credit cards to your advantage as long as you use them wisely.

Originally posted 2008-07-18 21:14:23.

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.

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.

Clarity

Have you seen that Bank of America has become the first financial institution to issue all of it’s card holders a one page statement that explains their rates and fees on their credit card.

The really funny thing is the news media is applauding this like something new and different and patting BofA on the back.

Hell, I can issue a one line statement that will tell card holders from every financial institutions clearly and concisely what their relationship is with their bank…

YOUR BANK WILL SCREW YOU OVER EVERY CHANCE THEY GET.

I’m just not sure what I’d do with the rest of the page.

Honestly, why is the news media treating a lack of “double speak” like something that should be applauded and not treating the rampant abuse almost all financial institutes exercise on a daily basis as something to be put in the fore front?

Admittedly I don’t have much respect for banking institutions (nor do I have much respect of the news media in the United States) — but give me a break, how stupid does the media think the average American is?

Originally posted 2009-12-20 01:00:34.

Sam’s Club Discover

I was at Sam’s Club on the first of this month, and they had a promotion going on that you’d get a $40 instant credit on $100 (or more) purchase if you applied for and were accepted for a Sam’s Club Discover Card.

It was a no brainer —  what I was going to buy was $120, and the $40 instant credit would pay the fee for renewing my Sam’s Club card (NOTE: the renewal fee was excluded from the $100 minimum purchase).

GE Money Bank (the issuer of the Sam’s Club and Walmart Discover cards) issued a stated on the second of the month (the day after the charges); and had my statement to me less than a week after I’d opened the account.  However, I just received the actual card today.

Like with most credit cards you needed to call a toll free number and enter just about every piece of personal and confidential information you’d provided when applying for the card — at what seemed like the end of the activation, I got a message to please hold that I was being transferred to customer service.

After almost five minutes on hold, a very cherry woman come on the line, ask me how my day was and immediately launched into a sales pitch — I cut her off and told her whatever it was she was trying to up-sell to me, I wasn’t interest… that their system had kept me on hold for nearly five minutes to just try and sell me something I wasn’t the least bit interested in, and then I told her I wanted to close my account.  She responded that I’d need to look on the back of the card for the number, and I told her I wanted the number from her.

She gave me the number, and I hung up and called.

The automated system answered immediately, forced me to hear all about my account balance and due date — presented a myriad of twisty little turns to finally get to a customer service representative.

I told her I wanted to cancel; I told her why — she started to sputter out some apology and ask me to reconsider and I told her I didn’t care about her time, but I was tired of wasting my time and I just wanted the account canceled now.  The call was disconnected.

I called back; and same thing, a very long hold.  By the time that I actually got to talk to a customer service representative I’d been at this for over half an hour — and I pointed this out to her, and told here that I was in none to good a mood — that she would cancel the account, and I didn’t want to hear anything but it was done.

I wrote an electronic message to Sam’s Club on their web site after all this was done telling them what a poor reflection GE Money Bank was on their reputation.  The reply I receive (almost immediately) was just an apology, and told me what a valuable customer I was.

Right — GE Money Bank had been telling me what a valuable customer I was all the time on their automated system… but the bottom line, they didn’t value me as a customer — they wanted to treat me like a schmuck who’s time was totally worthless.  Clearly a company that didn’t value my time — or value me as anything but a potential source of revenue.

I’ve always considered Sam’s Club as low rent compared to other warehouse clubs such as Costco — and they continue to reinforce that image time and time again.

Costco selects American Express (which I consider to be thieves and liars — but they at least do pretend to respect their customers) for their credit card; Sam’s Club chooses GE Money Bank (how much more low rent can you get).

I don’t do much business at Sam’s Club; and I certainly won’t be increasing the amount of business I do there… but I certainly won’t be doing any business with GE Money Bank — and personally I think they tarnish Discover Card’s exceptional customer service.

Originally posted 2010-09-16 02:00:55.

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.

STOP • THINK • CLICK

I’ve mentioned the Internet Crime Complain Centerbefore, but the US Government also sponsors OnGuard Online with the slogan

STOP • THINK • CLICK

While most savvy internet users should be aware of most everything on the site, there’s no harm in taking a minute out and visiting it to see if there’s any suggestions that might make your online experience safer.  You may also want to recommend that your bank, credit union, and credit card company link to them.

Originally posted 2009-01-07 12:00:50.

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.

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.

Keep Wall Street Occupied

A friend of mine put this together; and I think it’s very good advice…

I’ll add a couple points:

  • Mail over 13 oz requires you drop it off in person
  • Mail over 5mm thick is charged a higher postage rate (regardless of weight).
  • I’d discourage you from spending a penny on sending anything to a bank (not just because of the cost, but because of the environmental impact to produce and distribute anything); find your non-recyclable items around your house and use those to send a message — just be careful, some items are prohibited from sending via the US Postal Service — A Customer’s Guide to Mailing.
  • You may want to include in your note to remove your name and address from their mailing list (they already have all that information, they got the mail to you right — so you don’t really have to worry).
  • Don’t do business with banks — especially “big banks”.  Choose a credit union or a local bank for your needs.  If you have credit card services from a “big bank” make sure they are paying you back to use their card (they still make money, but at least you get something), never pay a membership fee or yearly fee for credit cards, and never carry a balance on a credit card at a “big bank”.

Originally posted 2011-10-30 02:00:24.