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Posted
Oct 03 2007, 09:01 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
You have until Oct. 12 to chime in on Federal Reserve proposals to make credit card companies clearly disclose important information like what rates and fees you'll actually pay, and when and why they'll take the liberty to raise them. Meanwhile, Congress is expected to consider credit card legislation in October. MSN Money's Liz Pulliam Weston explains why a crackdown is overdue.
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Posted
Oct 12 2007, 02:09 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Think you've got it made when you get your credit card company to reduce your interest rate? It ain't necessarily so , writes Mrs. Micah . That lower interest rate will apply only to new purchases and, she says, if you're carrying a balance, "the credit card company will pay off your lowest interest balance first with the money you send in ." She recommends a course of action. (Our advice? Never carry a balance .)
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Posted
Oct 23 2007, 06:53 AM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog Blueprint for Financial Prosperity . You want to make a big-ticket purchase, you've just been offered 12-month, same-as-cash financing, and you're not sure if you should accept it. Take a breather and analyze the offer. How good a deal this is depends on what your plans are for the next 18 months. Do you plan to buy a home in the next 18 months? If the answer is no, take the offer. If the answer is yes, here's some downstream-effect math for you: What you save/earn. By taking the offer, you can potentially earn a little under 5% on the value of the purchase by putting the purchase price into a savings account. Let's say you're buying a $2,000 television. By putting the money into a high-yield online savings account, you will get about $100 in interest before taxes. (The $2,000 will slowly diminish as you make minimum payments, so $100 is the maximum.) A $10,000 home-renovation job with 0% financing is an interest win of $375. You also have to consider the
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Posted
Dec 17 2007, 03:26 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
When BankerGirl decided to consolidate $17,000 on a new credit card at 5.99% APR, readers wondered if she had picked the right deal. "Fear not, dear readers, for I am a master at interpreting The Fine Print!" she replied. What makes her such a know-it-all? After all, fine print is difficult to understand (let alone see). Besides, she has $17,000 in credit card debt. "How dare someone with the financial recklessness I have demonstrated in the past claim to have conquered The Fine Print?" she said. "Because I, BankerGirl, have been a creator of The Fine Print." In a previous job, she helped develop products to make more money for banks. This post is invaluable reading for anyone who is considering a balance transfer or is simply confused about how credit cards work.
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Posted
Mar 31 2008, 05:54 PM
by
Karen Datko
Money Blog: Smart Spending Blog - MSN Money
Your credit card company isn't giving you airline miles, points or cash back because it loves you. No, sirree. "New rewards, incentives, tricks, deals, dog-and-pony shows, and other marketing gimmicks are continually coming out with the aim to extract you from your money in the fastest, most pain-free way possible," writes Randall at Credit Withdrawal. "Reminds me a little of Las Vegas," he adds.
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Posted
Jul 30 2008, 05:26 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. Credit card companies are masters of marketing. From cash back to travel rewards, and 0% introductory rates to gas rebates, credit card companies have turned a once fledgling industry (remember MasterCharge?) into a multibillion-dollar juggernaut. While taking advantage of credit card rewards can be a financial boon, care must be taken that fees and default interest rates do not ensnare us. Let's take a look at those fees and interest rates by examining a popular credit card -- the Discover More card, Wildlife Edition.
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Posted
Sep 17 2008, 04:57 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. How much do we miss out on because we fail to do one really simple, free and easy thing? This one thing can greatly improve your finances. Amazingly, it can lower the interest rate you pay on a home-equity line of credit. It can eliminate the balance-transfer fee on a credit card. It may get you a raise at work or more money at your next job. And I know from experience that it can get you more investing options in your company's 401(k) plan. And this one thing has applications far beyond money management. It can improve just about every area of your life. So what is this one thing?
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Posted
Dec 03 2008, 06:45 AM
by
Karen Datko
Rating:
Filed under: banking, The Dough Roller, mortgage rates, credit rating, credit cards, credit reports, credit card rates, credit score, bad credit, car insurance, insurance rates, homeowners insurance
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller. We all know just how important our credit score is when we apply for a loan. High credit scores get approved, while low scores do not, subject to other factors, of course. But your credit score and credit history affect a lot more than whether you get approved for a loan. Here are seven unexpected ways your credit score and credit history can affect your finances.
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Posted
Dec 03 2008, 05:03 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
"Brainy Smurf" was pretty well gloating when MoneyMateKate announced that Citibank is upping her credit card interest rate. "I kinda selfishly thought to myself, 'Wow, sucks to be her,'" he wrote at Pants in a Can. Then he got his own letter from Citi. As of today, his APR is jumping from 9.96% to at least 16.99% (and 29.99% if a payment is late). What's up? He pays in full every month and he's never late. And didn't Citigroup just get a huge government bailout?
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Posted
Dec 04 2008, 10:48 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Martin H. Bosworth at partner blog ConsumerAffairs.com. If there's one thing Kristen King knows, it's how to use a credit card smartly. The Richmond, Va.-based communications consultant uses her American Express Open Blue card to finance purchases for her self-owned business, including supplies, travel costs and regular expenses. "I made every payment early and amounts well over the minimum due -- and by 'well over' I mean several hundred dollars more than the minimum," King said. "I never exceeded my limit." Thus it came as a shock when she received a notice via e-mail that American Express was cutting her credit line, effective immediately, with no advance warning.
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