RateNerd » Credit Cards

New Cashback Options, Free Shipping on Rewards – Daily Deal

Rate Nerd — Mon, 26 Jul 2010 12:50:01 +0000

Discover has revamped its Cashback Bonus rewards program.

The company now allows cardmembers to redeem cash rewards for more than 400 products, including iPods, coffee makers, tools and exercise DVDs.

Customers are not charged shipping fees or taxes on their merchandise selections. Consumers also have the option of partially paying for an item using their Cashback Bonus and charging the remainder of the cost to their cards.

Customers, who receive 5% cashback on select purchases and 1% on other charges, can also continue to redeem their rewards for partner or Discover gift cards, direct deposits, balance payments, charity donations and statement credit. Redemption options will still start as low as $20. And cardmembers now can choose a split-pay option on select merchandise, allowing them to pay for a portion of the price with their Cashback Bonus and put the remaining balance on their Discover or Diners Club cards.

“It’s just another way in which we can continue to enhance the experience,” said Dana Traci, Discover’s VP of rewards and product management.

Discover also has added features to the rewards section of its website, including a search function and personalized recommendations, which are determined using a customer’s rewards-redemption and buying histories.

New cardholders can get $50 Cash Back Bonus with the Discover More Card after making just $500 in purchases in the first 90 days.

New Credit Card Laws Explained

Rate Nerd — Fri, 28 May 2010 13:42:17 +0000

See how the new credit card laws will affect you.

You have probably heard about new laws (the Credit CARD Act of 2009 and revisions to Truth In Lending) that are bringing many changes to the credit card industry. These changes apply to all consumer credit cards, including retailer credit cards.

To help you stay informed and maintain healthy credit in this ever-changing economic environment, here’s what to expect from your credit card issuers, including retailer branded credit cards.

Your monthly credit card statement is changing.

Credit Card account statements will be easier to read and will give you more information at a glance, including:

The estimated time it will take you to pay off your credit card balance by making only the minimum monthly payment.
The amount you’d need to pay each month to pay off your credit card balance in about 36 months.
Summary of fees and interest paid year-to-date.
An easy-to-understand late payment warning describing the potential impact of late payments.

More advance notice.

Receive a minimum of 45 days notice before any significant change in credit card account terms is made to your account.
If you decide you don’t want to accept the change of terms, you can cancel your card prior to the effective date of the new terms.

Limitations on interest rate changes.

Interest rates cannot be raised on existing credit card balances, except when:

You have an introductory rate, a promotional rate, or a special payment arrangement that expires.
You have a variable rate on your account.
Your credit card payment is more than 60 days past due.

Otherwise rate increases will only apply to new transactions.

Predictable credit card due dates.

Your credit card payment due date will be the same day, every month.

Avoid pay-by-phone fees.

It won’t cost you anything to make credit card payments through the card issuer’s automated phone system.
You’ll only be charged a fee if you speak to a customer service representative to make a payment the same day.

Time to review your monthly credit card statement.

You will have a minimum of 21 days between the day your credit card statement is mailed and your payment due date.

High interest credit card balances are generally paid down first.

Any amount paid in excess of your minimum payment due each month will be paid to your highest interest rate balance first. The only exception to this is:

the 2-3 billing cycles at the end of a deferred interest promotion.

During this time the credit card issuer will apply any payment in excess of your minimum payment due to your expiring promotion. This will ensure you continue to have the best opportunity to pay your promotional balances before expiration.

No over-credit limit fees.

Pay no over-credit limit fees when you exceed the credit limit on your credit card. However, any transaction that will cause your balance to exceed your credit limit may be declined.

Protection for those under 21.

Young adults under the age of 21 must provide an independent ability to repay along with their written or online application for credit or requests for credit line increases.

Easy access to credit card agreements.

If you want a copy of your individual credit card agreement, you can request it either via a web site or a toll-free number.

How to get more information?

For more information on the Credit CARD Act of 2009 visit the Federal Reserve Board website.

Some Words of Advice

While the new credit card laws are designed to help customers maintain healthy credit, we also recommend:

That you pay close attention to your accounts.
That you read your credit card statement carefully each and every month.
If you have questions about your credit card account, please call the customer service number on the back of your credit card.

How To Find The Best Credit Card Deals Now

Rate Nerd — Mon, 03 May 2010 14:08:49 +0000

When researching credit card offers, there’s a lot more to consider than a low interest credit card offer or 0% APR credit card offers.

In fact, you might find it hard to choose from the thousands of rewards credit cards, airline credit cards, cash back credit cards, platinum cards and no annual fee credit cards.

The best credit card offer for you depends on how you plan to use your credit card.

Low or 0% interest rates are very important to consumers right now, given the tight economic times. More consumers may find themselves carrying a credit card balance, rather than paying off their bill in full each month. A low or 0% APR credit card can help minimize finance charges.

“Though the best habit is to pay your credit card balance in full each month, the reality is many credit card users carry a balance from month to month, according to About.com personal finance writer LaToya Irby. “Paying your credit card balance down over a period of time is often more convenient than paying it in one lump sum. As long as you keep your balance at a reasonable limit and make your monthly payments on time, carrying a credit card balance won’t hurt you.”

If you plan to pay your credit card balance in full each month, a low interest rate may not be as appealing, since you will be paying off your balance each month. You may be more interested in a rewards or cash back credit card with no annual fee and a longer grace period.

Some things to consider when looking for the best credit card offer:

If you will transfer a balance

Many credit cards offer 0% APR for six to 12 months; some offer a slightly higher rate for a longer period of time. If you are transferring a large balance, you may find the best option for you is to have a longer introductory period.

Rewards where you spend most

Most rewards cards offer extra rewards for spending in certain categories. Find a rewards card that gives you cash back, bonus points or travel miles at the places where you spend the most. For the vast majority of consumers, reports MSN Money, cash back credit cards are going to be the way to go.

Services that save time and money

A credit card should offer more than a low APR and top rewards—it should also offer exceptional services that can help you make your money go further. Skilled customer service reps can tell you exactly how much you’ll save with a specific balance transfer offer, help with a merchant dispute, and alert you of potential unauthorized charges. Customer support and online resources such as interactive financial calculators can help you save both time and money. Changing a due date to one that works better for you, making a same-day payment free of charge, and being notified of special promotions and reward offers add even more value to your credit card.

Plus, don’t overlook other valuable perks such as travel assistance, automatic travel insurance and car rental insurance. No matter what type of credit card you’re interested in, check out the fine print to see the terms of a low or 0% credit card offer. The credit card agreement will tell you the grace period (how long you have to pay off your balance before you pay a finance charge), and what rates, restrictions and fees are involved. The more you know, the more value you’re able to gain from a great credit card offer.

TIP:

Some credit card companies and consumer sites offer financial calculators, which can help you better manage your debt. For example, with the Discover Card Paydown Planner, cardmembers can calculate how much they should need to pay each month to pay off their debts by a certain date. The Purchase Planner tool lets cardmembers see how a purchase should affect their minimum payment and the time it should take to pay off the entire balance.

5% Cashback Rewards on Travel January Through March 2010 – Daily Deal

Rate Nerd — Mon, 18 Jan 2010 14:21:15 +0000

Charge your air, hotels, car rentals and cruises on Discover and get 5% cashback rewards through March, 2010.

Part of a new program where Discover makes seasonal bonuses available through a calendar on its web site, where cardholders can see where and when they can earn an extra cash back bonus.

The Discover calendar is broken down into categories like travel (January through March); groceries and drug stores (March only); home improvement and clothing (April through June); and gas and movie tickets (July through September) and restaurants and fashion (December only). In addition to the 5% cash back, Discover cardholders offer balance transfers for 12 months for customers with excellent credit, and up to 1% cash back for purchases that fall out of the categories listed on the Discover calendar.

To qualify for the 5% cash back, category-specific deal, you’ll need to sign up ahead of time on the Discover Card web site . You also have to meet certain minimums – for the travel promotion running through March, 2010 you must make a minimum of $800 in travel related charges.

Get $50 Cash Back Bonus with the Discover® More Card!