Credit Cards
The latest in sneaky credit card fees
To nobody's surprise, credit cards are still imposing fees on their customers.It wasn't necessarily supposed to be quite this bad, however. The Credit CARD Act, which goes into effect on August 22, is aimed at making credit cards more transparent, fair and a little less fee-heavy. But while some fees are going to be outlawed, many credit cards are just inventing new ones (or turning to some tried and true oldies) to replace them.
So if you have a credit card, I fee your pain (and now you know why I never made it as a stand-up comedian.) While the Credit CARD Act seemed to bring the promise of fixing all of our credit card woes, it appears that there will always be a way for the issuers to nab us with an array of creative fees and penalties.
The credit card industry is, after all, a business, and you're the customer. It can be easy to forget that when your piece of plastic is there, day and night, in your wallet, doing everything from helping you out of a jam to helping you buy jam. So if you haven't looked carefully at your statement lately, here are some of the fees you may have not noticed.
Credit card delinquency improves
America, give yourself a pat on the back. According to new data from the American Bankers Association, more of us are paying our credit cards and home equity loans on time -- which is good news in a still shaky economy. Bank card delinquencies dropped from 4.39% in the last quarter of 2009 to 3.88% in the first quarter of this year. This rate is actually below the 15-year average for bank-card delinquencies, and is the lowest rate since 2002. (The ABA regards a delinquency as a payment more than 30 days overdue.)In related good news, we're also becoming more prompt about paying our home equity loans on time. The delinquency rate slipped down a tick this quarter (to 4.12% from 4.32%), the first decline in two years, according to the ABA.
Also on the mend are on-time payments on home equity lines of credit, property improvement loans, auto loans and personal loans. Unfortunately, delinquencies in some loan categories are still on the rise. Americans are blowing off their payments on boats, RVs and mobile homes to an increasing degree, the ABA's research showed.
New ATM skimmers using more sophisticated technology to steal your money
Thieves are getting more sophisticated with the way they're using ATM skimmers to steal your bank account number and password. Now they're using wireless data transmissions and keypad pressure-sensing devices that make it much more difficult for law enforcement to track them down. Used for years by crooks, skimmers fit so neatly over the card reader of an ATM that they are difficult to notice. When a card is slid into the ATM, the reader records the data. Using a pinhole camera mounted on the ATM, the crooks then also record the personal identification number, or PIN, that is being entered on the keypad.
Good credit score secrets
Even though it's more important than ever to be familiar with your credit score and what affects that crucial number, experts say a lot of Americans don't know nearly as much as they should about what they do that can impact their score. WalletPop got on the phone with John Ulzheimer, president of consumer education at Credit.com to find out more. We also caught up with Barry Paperno, consumer operations manager for FICO, via email to ask him to spill some credit score secrets. For instance, many people think that if they pay their bills on time, their credit score must be good. Right? Wrong, say our experts. Even if you always pay on time, if your cards are close to being maxed out, your score isn't going to be as high as it could be, since borrowing up to the hilt looks like a risk factor to the credit bureaus. Surprised? Read on to find out five more credit secrets that can help you get the credit score you deserve.
Google Checkout and QR codes may change the way you pay
Paying with your phone has long been a desire of shoppers and like many of our desires, Google might have the answer. A new extension released this week from Google makes it possible for shoppers to use their Android mobile phone to make a payment through Google Checkout.
The Android Payment Chrome Extension allows a shopkeeper to populate their storefront with items and send a shopping cart to the customer's Android powered phone with a QR code. QR codes are a special type of bar code that can be easily created on a computer and then scanned with a smartphone camera. From there, the customer completes the purchase using the credit card they have on file with Google Checkout.

Lower your credit card bill fast with these tips
We here at WalletPop have spent plenty of time telling you about the big changes you can make to pare down your credit card debt and live a more financially stable life. While that's still a good goal, maybe a major lifestyle change isn't in the cards for you right now. Or maybe you're already well on your way out of the red (if so, good for you!) .In either case, there are a handful of things you can still do -- right now, with the income and expenses you already have -- to shave some weight off that bill when it arrives at the end of the month. None of these are big changes -- we're not advising you to move to a cheaper town, drive an old car or deep-six your cell phone. These are all simple, manageable tactics that will help you shave a few of your hard-earned dollars off your next credit card statement -- and give you more control over your money.
Best Buy, HSBC credit card troubles
If you're having a problem with a business, Consumer Ally can help. Write us at HelpMe@WalletPop.com.
Q. How can HSBC - my Best Buy credit card account -- keep my $35 check without crediting it to my account? When I called the 800 number, I was told this check was received May 12, 2010, but never credited to the account. I've made daily calls and finally, after a couple of weeks, on May 25, 2010 a representative told me that my check was returned by the bank on the 17th of May. My bank has no record of this transaction. I immediately sent another check in the amount of $75 to cover the first check and to make my next month's payment, and this time, I hand wrote my checking account number. I have repeatedly asked for a return of my check, or for them to credit the first check to my account, but they haven't done so. Joyce Jackson
Choosing the best credit card for your age
You probably wouldn't realize it from the way credit card companies market to consumers willy-nilly, but there are big differences between the "ideal" credit card for a college grad and those marketed toward his or her grandparents. According to experts WalletPop interviewed by phone recently, you really need to keep in mind what stage of life you're in (young adult, married, senior and so on) when you shop for a credit card. We consulted with Curtis Arnold, founder of CardRatings.com, and Gerri Detweiler, credit adviser for Credit.com, to ask them for advice and strategies consumers at seven critical life stages should use when they consider applying for a credit card.
Do you have the right card for your life stage? Read on. You may be surprised at what you learn.
Don't lose your rewards if your credit card is discontinued
We told you earlier this year how Starbucks dissolved its partnership with Visa and discontinued its Duetto rewards card. As it turns out, it's not uncommon for issuers to discontinue a card in order to roll out a "new and improved" product. So what do you do if your card is discontinued? To find out, WalletPop spoke with Beverly Harzog, spokeswoman for CardRatings.com, for some expert advice.While consumers fear being stuck at a cash register with a card that suddenly doesn't work, Harzog says this is unlikely to happen if you've been monitoring your mail. Issuers will notify you about changes to your account by mail or email (however you've elected to have them ordinarily communicate with you). Just be sure to read any and all messages your issuer sends you, and you won't be stuck at a register with a nonfunctional card.
According to the CARD Act that passed in February, issuers have to give 45 days' notice for major account changes; however, Harzog says it's not clear that this includes card discontinuation (ironic though that is). It's unlikely they'll give you less than 30 days' warning, though, so plan accordingly. If you have any bills automatically paid on that card, transfer them over to another one as soon as possible.
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