A 0 APR Credit Card Can Save You Money

Credit card companies offer several different types of credit cards, and it makes a great deal of sense to review each card offer carefully in order to determine which offer is the best for you. A 0 APR credit card can save you a great deal of money during the grace period for the card, and can provide other benefits beyond that time.

APR stands for annual percentage rate, and refers to the interest charged for using the card. In essence, the credit card issuer offers you money via the use of the credit card. In exchange for this privilege of using the money, you are charged interest, which is in the form of a percentage rate.

In most cases, you can generally use your card and will not be charged interest if you pay the balance in full each month. However, if any balance is remaining, you will be charged the full interest rate on that balance.

The 0 APR credit card will generally offer free interest for a predetermined period of time. This often ranges from six months to fifteen months, depending on the terms offered for the particular credit card agreement. This time of interest-free purchasing power is called the grace period for the credit card. Another aspect of the grace period is the time you have from making a purchase until the time you can make the payment and not be charged interest, as will most often happen if you pay your balance in full monthly.

A 0 APR credit card may also offer additional benefits to the card holder. These can include, depending on the specific terms being offered, rewards on air flights and other travel, fuel rewards, cashback rewards and rewards on other types of merchandise. Many of these cards are available for no annual fee, and several also allow for the transfer of balances from other credit cards.

You will want to read any 0 APR credit card offers very closely to understand the specific benefits with which they will provide you. Online shoppers would definitely benefit from a credit card that offers substantial cashback rewards when online purchases are made using the card, for example. Merchants who are in partnership with the credit card issuer may also offer double rewards when you make a purchase from them using your credit card.

Depending on the specific terms, a 0 APR credit card may allow you to earn rewards points for each dollar you spend. These can be redeemed for airline tickets that can be used when you want to, regardless of peak travel times. Some of the card offers may provide you with cashback, which is typically taken off the balance amount you owe. You will want to read each offer carefully to understand all of the benefits you will receive by using the credit card.

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Universal default on credit cards?

Almost half of credit-card issuing banks surveyed by a San Francisco-based consumer group have universal default policies, which can lead to higher rates for cardholders who miss payments unrelated to the bank's credit card.

Citibank, Providian and Bank of America tied for the second highest default rate of 29.99 percent, according to the survey released today by Consumer Action.

Merrick Bank used the highest default rate -- 35 percent.

Jack Carsky, senior vice president for investor relations at San Francisco-based Providian Financial Corp., defended the practice.

"If people default on a payment or go delinquent on a credit card or on another bank's credit card, obviously the risk profile has increased. We look at it on an individual basis," he said.

"We do not use universal default," Bank of America spokeswoman Betty Riess said. Instead, the bank uses a "penalty rate, which is based on customers' behavior with their Bank of America credit card." The penalty rate is variable but can get as high as 29.99 percent, she said.

Janice Tarter, a spokeswoman for the credit card division of Citibank, said it recently changed its practice to provide consumers with a way to opt out from the higher rate.

"Before we increase the rate, we give the prior notice and explain why. We give the customer to right to opt out of the increase," she said.

Those who do so can continue to use their Citibank-issued credit card with the old interest rate until it expires, she said.

Both Citibank and Providian will consider lowering the higher default rate once a cardholder's credit situation improves.

The findings regarding universal default policies are included in Consumer Action's annual survey of the credit card industry released today.

"It's an easy way for them to generate more profit," spokesman Joe Ridout said."For a great deal of credit-card holders, this is something they could run into."

The survey, conducted from April 1 to June 21, examined credit card practices of 47 banks issuing 146 credit cards.

Ninety percent of banks with universal default policies raised a cardholder's interest when there was a decline in the credit score. Eighty-six percent raised rates after a late payment on a mortgage, car loan or other credit obligation.

One out of three banks with universal default policies set higher rates when a cardholder gets a new credit card, while 24 percent do so when an inquiry is made about a car loan or mortgage. (Percentages cited in the survey resulted from responses of customer service representatives).

"It's fundamentally unfair to cardholders. This is a policy that actually punishes the good customers. They don't even have to miss a payment," Ridout said.

Twelve of the 21 banks with universal default policies said the higher rates might be decreased after six months of improved credit but not necessarily back to the original rate, the survey found. Among the banks cited by Consumer Action that don't have universal default policies were American Express, Commerce Bank, Capital One, First Federal, State Farm and Wilmington Trust Company.

Other survey findings included:

- For the 146 cards surveyed, the average interest rate was 12.61 percent. The lowest rate for a card was 6 percent (charged by Ranier Pacific, Town Bank and Wells Fargo) and the highest rate was 24.94 percent (Merrick Bank).

- 95 percent have late-payment fees. The average was $27.46.

- 67 percent had no annual fees. Cards with annual fees imposed an annual fees of $43.27.

To get the survey, go to http://www.consumer-action.org and click on "Credit Cards." Or send a self-addressed, stamped (60 cents) legal envelope to Consumer Action-CC, 221 Main St., Suite 480, San Francisco, CA 94105.

Eve Mitchell can be reached at (510) 208-6474 or emitchell@angnewspapers.com.

c2005 ANG Newspapers. Cannot be used or repurposed without prior written permission.
Provided by ProQuest Information and Learning Company. All rights Reserved.

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5 Credit Bureau Repair Tips

The epidemic of home foreclosures, higher gas and food prices have stretchered the average consumers budget to the max. According to Trans Union and Equifax, national credit scores are steadily dropping at a higher rate than they have seen in the last decade. As a result of the lower credit scores large ticket items, like homes and automobiles, have began to slow down fueling the current recession. At Direct Banc, we thought a few credit bureau repair tips might be in order, here are the steps we recommend consumers follow.

Become Familiar with your Credit Report - Having a credit bureau in hand is essential if you are serious about credit bureau repair. There are three major credit reporting repositories (Experian, Equifax, Trans Union), each reporting their own version of your credit. It almost certain that each of their reports will differ from the others. For this reason, you should get a 3 in 1 credit bureau report before you begin your credit bureau repair.

Validate all Negative remarks – We suggest that you send a validation letter to every creditor or collection agency that is reporting negative information about you. Send these letters BEFORE sending a dispute letter to the credit repositories. Creditors/collection agencies are required to validate the legitimacy of your debt and their relationship to the debt. If they are unable or unwilling to answer your request for validation, the credit repositories will likely remove the remark.

Dispute Invalidated Items to the Credit Repositories - Wait 30 business days from the time sent the creditors a letter of validation. Once this time frame has passed, you can send a dispute letter to EVERY credit repository showing proof (certified letter receipt) that the collection agency failed to respond to your request. This will usually result in the removal of the remark.

Stop the Collection Agencies from harassing you –Once you are back on the collection agency’s radar, they will most likely begin to actively collect the debt. We all know how annoying that is; all you need to do is send them a “stop harassment” letter that basically tells them to leave you alone while you are working on the debt.

Dispute Valid Debts with The Credit Repositories – As we mentioned earlier, collection agencies have to prove that you owe the debt to the repositories. Even though you may actually owe the debt, or deserve the negative remark, some agencies are unable to back it up. If you send a dispute letter to ALL of the repositories requesting an investigation the collection agencies are compelled to answer them. If they do not answer the repository in a timely manner, or they offer unsatisfactory proof, the remark must be removed.

This list is just a partial explanation of how to thoroughly repair your credit bureau. We have a tutorial underway at Direct Banc that will give you a detailed, step by step break-down of credit bureau repair. We also list a comprehensive assortment of pre-written sample credit repair letters that are free to download to help you with all of the validations and disputes.

Keep in mind when attempting credit">http://www.directbanc.com/credit_repair/index.php\">credit bureau repair, the credit repositories are your friends, being rude or disrespectful to them will not help your situation. The collection agencies, not so much, it’s best to deal with them by mail. Remember to send ALL correspondence certified, return receipt mail; it’s worth the two bucks. Keep all receipts and letters, you WILL need them in the future when the collection agencies sell your debt to penny brokers.

Article Source: http://www.articlesbase.com/credit-articles/5-credit-bureau-repair-tips-501304.html

Pay With Credit Cards for Maximum Security

When you make purchases, it’s easy to swipe your credit card for the sake of convenience. But convenience isn’t the only benefit that credit cards offer. Did you know that when you buy goods and services with your credit cards, you’re actually using one of the most secure payment methods available? Let’s take a look at some of the safety benefits of buying with plastic.

First, credit cards offer fraud protection. If identity thieves came into possession of your credit card number and used it to make fraudulent purchases, you’ll be taken care of. The credit card company will refund the unauthorized charges.

Have you ever been disheartened because you purchased an item that went on sale the very next day? Some credit cards offer price protection. If you purchased your item with a credit card and see it on sale for a lower price, just provide proof of the new price to your credit card company. If they offer price protection, they’ll refund you the difference. Most Chase and Citi credit cards come with price protection.

When you shop with credit cards, you’ll never have to spend money on extended warranties again. Just buy an item with a regular warranty, and your credit card company might allow you to extend that warranty for a year – for free. American Express and World Visa offer this service.

What if you buy something that’s not quite right and you need to return it? If you paid in cash, you’ll have to show a receipt in order to get a refund. But if you bought the item with your credit card, all you need to do is show the merchant your credit card statement. Then they will have documented proof that you made the purchase at their store, and your refund will be forthcoming.

Online shopping has surged in popularity. Unfortunately, when we buy things online, we can’t test out the merchandise before we make the purchase. If you end up with a defective product from a seller who doesn’t offer refunds, don’t despair; your credit card company’s got your back. They’ll reimburse you for the transaction if you report the faulty goods within 30 days.

What if someone steals or damages an item that you purchased with your credit card? No worries. Besides the protection they extend for fraudulent purchases, credit cards also offer item insurance. Their coverage can extend into the tens of thousands of dollars. Gold and Platinum cards offer more insurance than regular credit cards. Just be sure that you have proof of your purchase as well as a well-documented account of the theft or damage incident. Include dates, details, and witness statements if applicable.

Many travel credit cards also guarantee your reservations for hotel rooms or airplane tickets. If something happens and the airline goes bankrupt, you’ll be refunded the cost of your tickets.

Credit cards vary, so be sure to read the fine print contained in your agreement. It will spell out the details of the safety benefits you can expect.

Article Source: http://www.creditorweb.com/articles/pay-with-credit-cards-for-maximum-security.html

Credit Cards For People With Bad Credit, Poor Credit Or Poor Credit Score

Bad Credit is a term used to describe someone who is considered a "high risk" to lenders and other finance companies such as factors.

People with bad credit you can still get a credit card. You'll just pay more as result of higher interest rate, and the terms of your card deal will be much stiffer than the average cardholder has to deal with. Before applying for Credit cards for bad credit let us understand what does bad credit really means and then we'll look into obtaining credit cards with bad credit

Credit - Understanding the genesis of bad credit.

It's very obvious that we now live in a credit world. There are lots of banking institutions offering different forms of credit from credit card to personal loans.

Because of lack of enough financial education and discipline on the part of most of these consumers they often find themselves in bad credit situations like court judgment, bankruptcy, and loan default which often make it difficult for them to get any credit at all in future. You may now want to ask - what exactly is credit?

Credit means that you are getting a service or cash grant to use for your own purpose. You are often bound with a contract or agreement to repay in future as agreed with lender or service provider. Credit exists in different forms like loan, mortgage, or credit card.

Before you can get credit from any financial institution or lending agency, they will first check your credit history. If you have default on loan before or have bad credit history you will find it almost difficult to get credit any time you apply for it.

However, it's possible for you to improve your bad credit history or build a new good credit history by repairing your bad credit, thus re-establishing your credit-worthiness. This process is called credit repair. It's the process in which consumers with unfavorable credit histories attempt to re-establish their credit-worthiness.

Though there are lots of credit repair companies nowadays that promises repairing your bad credit for you, but if you can follow simple guide, it's very possible for you to do it yourself - after all it's your credit.

If you repair your bad credit it will make it easy for you to get low interest credit, car or home loans. However, with poor credit rating you may not be able to get loan or be subjected to high interest rates and several other unnecessary conditions. So it's very important that you repair your credit if you have bad credit. You will get lots of tips on how to do this easily in this book.

Your credits score - how you can improve it.

Your credit score is a very important in any financial transaction that you make or intend making in future. So it's good you know what exactly your score is, understand its meaning and learn how you can improve it if it's not good enough.

"Many factors can contribute to a negative rating from the credit reporting agencies. Many factors like are non-payment of an account or late payments over an extended length of time, can contribute to someone getting a "bad credit" rating or poor score. Whether non-payment of an account is willful or due to financial hardship, the result can be the same, a negative rating. ... But there is hope to get credit cards for people with bad credit, poor credit or lower credit score"

Credit report - its effect on your personal credit

Credit report is a compilation of your credit history, past financial transactions and personal information possible. This report is usually compiled by accredited agencies known as credit reporting agency.

Credit reporting agencies are organizations that help credit card companies, loan companies, banks, and departmental stores in the country to ascertain the credit worthiness of their would be clients.

Once they have detail information from these sources, they give it to any organizations in need of it when requested. Though they keep on file information concerning you and your credit, they don't make final judgments as to your credit worthiness. The decision is up to the credit card companies or any lender which you are dealing with.

Credit cards: - types and what you need to know about them.

Nowadays, everybody wants to have at least a credit card. Everywhere you go you see adverts from various banks and other financial institution offering you credit card. However, before you apply for a credit card, there are several factors you need to consider. So it's very important that you know more about the types of cards available, and one that will work best for you.

Secured credit card: - A secured credit cards for people with bad credit requires a security deposit as collateral before you can get approval. Its type of card that best suit the need of people with no or poor credit who are trying to build their credit history. Your collateral must be equal or greater in value of the credit amount you are applying for.

With a secured card you put up your own money (into a savings account with the bank you are applying for credit card) and that amount (or part of it) is the credit line for your card. Put in $500 and you could have up to a $500 credit line. You can deposit anywhere from two hundred to two thousand dollars into an account, and that will be your spending limit.

This will give you the flexibility of using a credit card and because if you pay off every statement you are letting creditors know that you can handle credit (again) and your bank may soon begin extending your credit line beyond what you have put in. So you are on your way back to healthier credit, to a status where you will no longer need a secured card.

Business credit cards: - These are the card that's available for business owners, directors and business executives. They come with several features just like any traditional credit cards. You have to consider the terms and condition for these types of cards too before applying.

Student credit cards are another type of credit card specifically for students. These types of cards are made for students because of their lack of credit history, and if given chance they can build their credit history with such card.

Prepaid credit cards are set of cards that are just acceptable wherever the traditional credit cards are acceptable, but they are not credit card. You will have to always transfer money to your card before you can make use of the card and you may not be able to spend more than you prepaid for the card.

Presently this is almost the best card for people that want to avoid interest and other fees charged on traditional credit card and also for people with bad credit. However, other little charges like monthly fees, application; over the limit and ATM fees are still applicable, but these gets offset if you pay your bills via money order.

Whichever card you decide to choose make sure that you go over the terms applicable very well to avoid putting yourself in financial bondage. In second part of this article we will continue looking at other types of credit card.

Balance credit cards are unsecured standard cards designed to allow consumers to save money in interest charges by transferring higher interest credit card balance onto a lower interest rate credit card.

Low interest credit cards are other types of non secured standard credit card. They offer either low introductory APR that change to a higher rate after a certain period of time or a low fixed rate. You can take advantage of the low introductory APRs to make larger purchases for now and pay them off several months later. It wont be possible to get this credit card for people with bad credit

Air Mile Credit cards are cards that are good for people that travel frequently or planning to go on vacation. It's a form of reward card that allow you opportunity of obtaining a free airline ticket. You will need to accumulate specified air miles before you can be entitled to free ticket. All accumulated mile points will be based on dollar amount of your credit card purchases over a period of time based on predetermined point level.

Specialty credit cards are other set of standard non-secure cards designed specifically for individual business users and students with unique and special needs.

Make sure that you study the terms of any of the card that you pick very well to avoid risking your credit rating. Also, when you pick any of the reward cards make sure you study the forms and offers very well because credit card issuing companies do offer different reward programs and their promotional offers often change. So make sure you thoroughly look over the card's terms and conditions of each specific card before applying.

Article Source: http://www.articlesbase.com/finance-articles/credit-cards-for-people-with-bad-credit-poor-credit-or-poor-credit-score-172901.html

Secured Credit Cards

What is a secured credit card and how does it differ from regular credit cards and prepaid cards?
A secured credit card is an option for a person to build or rebuild his or her credit. Furthermore, a secured credit card provides the opportunity for consumers to gain access to certain services such as renting a car or hotel room. Secured credit cards differ from traditional credit cards in that a deposit is required to serve as the consumer’s credit line whereas with traditional credit cards, the consumer’s credit line is collateral free and based partly upon their credit and payment history. Secured credit cards differ from prepaid credit cards as well. With prepaid cards, there is no required credit history check and the consumer’s credit line is limited to what the consumer has previously paid, or loaded, on the credit card. On the other hand, a secured credit card requires its user to open a savings account which will serve as his or her credit line. The consumer will then continue utilizing the secured credit card as a traditional credit card; in the event the secured credit card user defaults on his or her credit card payment, the user’s savings account will be used as collateral.

What are the benefits of a secured credit card?
- Access to a credit card = Obtaining a secured credit card may benefit some people who have a tarnished credit history and therefore, have been denied by traditional credit card providers such as Visa®, MasterCard®, and American Express®. By gaining access to a secured credit card, a consumer has a whole variety of purchasing opportunities available to him or her, such as making online purchases, reservations, and features such as automatic bill pay.
- Improve your credit history= Once a secured credit card has been procured, a consumer now has the opportunity to make consistent, on-time payments. Just as important as making timely, in full payments, it is imperative to confirm with the secured credit card provider, prior to opening the secured credit card, that it reports to the 3 major credit bureaus (Equifax, Experian, and TransUnion) and that it does not mark the reports as a secured credit card. Having the secured credit card provider report positive payments to the bureaus without flagging the reports as a secured credit card is the main way that secured credit cards can improve your credit history and probably improve your credit score.
- Save and or earn money= A secured credit card requires its users to open a savings account that serves as collateral in the event the user defaults on his or her payments. If the user makes timely and consistent payments on his or her secured credit card, this savings account will not and cannot be touched. This is beneficial to the user because for the time that their secured credit card account is open and in good standing they will be saving the money. Furthermore, more than likely the money in that savings account will be earning interest, a net gain.

What are the disadvantages of a secured credit card?
- Upfront costs= In order to obtain a secured credit card, one must open a savings account to serve as collateral in case the user defaults on his or her payments. Therefore, funds are required to be available prior to procuring a secured credit card. The amount of money that is required depends on the bank or credit union with which the savings account is opened and the amount of money the secured credit card provider requires to be in the savings account. Additionally, some secured credit card providers have application fees.
- Hidden fees= While secured credit cards offer many benefits, there are fees associated with the usage of secured credit cards such as annual fees. Moreover, secured credit cards almost always have much higher interest rates than traditional credit cards, and thus, it is suggested to utilize them only for as long as needed or until one’s credit has improved. Additionally, some secured credit card providers hold on to the funds in the user’s savings account for a designated period of time after the secured credit card has been cancelled to safeguard themselves against any possible lingering charges. Therefore, it is extremely important to shop around numerous providers for a secured credit card.
- Hinder your credit history= Although secured credit cards may be beneficial to some people, if a user defaults on payments, especially past the amount being held as collateral in his or her savings account, it can tarnish their credit history and consequently lower his or her credit score.

In summary, secured credit cards may be very beneficial to its users by opening doors to new purchasing opportunities, improving credit histories, and saving and/or earning money if used appropriately. However, if a user cannot meet the payments of what they charge on the secured credit card, he or she may be worse off than in the beginning. Finally, if a consumer has decided to use a secured credit card it is imperative to shop around for the best deal, including but not limited to: non-flagged reporting to the 3 major credit bureaus, lower interest rates, lower annual fees, and inexpensive or no application fees.

If your serious about improving your credit score Contact CreditlawGroup at (800) 508-0041 our competent legal representation can help protect your rights and remove inaccurate, outdated, unverifiable, incorrect and other erroneous items from your credit report.

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All Credit Cards are Good

All credit cards offer many benefits and features. Some come with a few disadvantages. To convey my point I will leave the disadvantages for others to write about. All credit cards are good in their own way for their own purpose and for that specific applicant. There are many credit cards for applicants with good credit, bad credit or with no credit at all. There are the so called "bad credit cards" and the "good credit cards." Bad credit cards fit consumers looking to build "good credit." Good credit cards fit consumers with good credit looking to take advantage of benefits that suit their daily lives. So are all credit cards good? Yes, because in some cases you have to start somewhere and sometimes, it comes at a price.

Consumers with good credit attract the credit cards that would better suit their income, credit history, spending habits and paying habits. Many credit cards that approach consumers with good credit tend to offer great transfer rates and lower interest rates on future purchases as long as the consumer's credit doesn't change in the wrong direction. Everyone has their individual needs and perceptions of their credit. So the only challenging factor for someone with good credit is to maintain the good credit status and keep a close eye on your credit limit to credit debt ratio. In my opinion, your ratio should be at around 25% to 40% because it is a responsible level to be proactive in managing your credit cards. A 25% credit limit to credit debt ratio would be $250.00 balance on a $1,000.00 credit limit. Investing in a credit monitoring service also helps to keep a third eye on your credit so you can focus on your busy life.

Consumers with bad credit attract the credit cards that seem to be outrageous because of interest rate, credit line or terms of the agreement such as annual fees and processing fees. In my opinion, their is no such thing as a bad credit card as long as they report the account to Experian, Transunion and Equifax (CSC Credit Service). Instead of them being called bad credit cards they should be called credit building cards. If you cannot get over yourself by accepting a credit building card, maybe a secured credit card from your bank would be the best choice as long as they report to the credit bureau. Never think bad credit is forever or that it can't ever improve, it can with responsible steps. If you get a so called bad credit card then make sure you fulfill your end of the agreement, and don't make excuses for not paying on time or letting it charge off because it was only $300.00. I think one factor that makes that type of card good is that the credit lines are usually no more than $500.00. That low of a credit line is a good thing because worst case scenario your minimum payment is between $15.00 - $25.00. Not bad for establishing a credit line that will be worth dividends in the long run. Yes, it will benefit you as time is established behind the credit card. Credit building cards are only short term because once you have began to establish yourself with 2 - 3 credit building cards your score will reflect the responsible habits and your score will begin to rise. So are bad credit cards good, of course they are.

Whether you have good or bad credit cards the responsibility is the same. Make your payments on time and watch your credit limit to credit debt ratio. These two simple steps, if followed consistently, will keep your credit cards as the good benchmark for your credit score to be based from. I have only referenced your credit cards that allow minimum payments and not any other types of credit cards or other credit lines on your credit report. I have also not referenced the impact of derogatory items on your credit report that would affect the establishing of your credit. All cards have benefits and features that are advantageous to consumers or contain hidden value, even if the card does not seem very desirable. When you decide to get any credit card base it on your own financial need and on the advantages that will benefit you and your credit profile. Credit is life and life is credit, understand it wisely.
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Strategic Benefits Are in the Cards: Credit Cards, That Is

Unlike playing the card tables in Las Vegas, the strategic benefits of a well-managed agent credit card program are proven and time-tested.

Community banks gain bottom-line revenue, stronger customer relationships, and a way to expand a bank's brand. Community bankers are able to realize these benefits by offering competitive credit card products.

There are two primary types of card programs: agent and direct. With an agent bank credit card program, the bank selects a cardissuing partner who handles all marketing and operations, and absorbs all the risks. The bank earns revenue based on results. In a direct card program, the bank is a direct issuer and is responsible for all marketing, operations, and credit decisions. The bank earns all revenue, but in turn absorbs all the risk.

In 2002, ACB Card Services selected InfiCorp Holdings, Inc. to offer the ACBInficorp Agent Bankcard Alliance as a turnkey agent bank credit card solution. Since that time, a number of ACB members have seen significant results.

"We have partnered with the great folks at InfiCorp for the past 18 months to offer personal credit cards to our customers," said Dennis Floyd, sales and communications manager for banking customer support at ACB member HomeStreet Bank. HomeStreet is a community bank based in Seattle with 20 bank branches and $1.75 billion in assets.

"Within six months of initiating the agent bank program with InfiCorp, we had over 1,500 credit card relationships. Previously, we had relied on one of the country's top volume credit card companies. In that five-year relationship, we had only 1,200 credit card relationships," he said.

"The folks at InfiCorp offer a competitive product and back it up with marketing sophistication and operational excellence," Floyd said. "They work with us as partners and are constantly suggesting ways for us to increase customer satisfaction and credit card usage. In 25 years of banking, I have used four agent bank credit card programs. No one can match InfiCorp for bottom-line results and client service," he added.

For many ACB members, now is the time to make a decision regarding the credit card program. Selecting the best strategic partner is critical-both in the short and long term. The decision is not just about the credit card program. It's about protecting your most valuable asset-your customer relationships.

InfiCorp is well positioned to support banks that plan to start an agent relationship, or those banks that want to upgrade their existing agent program. Competitive fee income is derived from a combination of new account originations and earnings from the portfolio. At the same time, InfiCorp is interested in purchasing quality credit card portfolios, enabling banks to sell their portfolio without selling their customer relationships.

The alliance is a partnership of mutual respect and support. ACB members maintain rights as brand owner with the authority to approve brand usage. Banks also retain control over access to customers. At the same time, ACB members have a relationship manager within InfiCorp who serves as an internal advocate.

InfiCorp provides non-compete protections and a contractual promise not to market other products and services to customers. Unlike so many other issuers, InfiCorp does not have a competing proprietary brand, nor does it support any other type of loan or deposit products.

Most cardholders use credit cards as a convenient lending vehicle, so they are focused on getting the lowest interest rate possible. Other cardholders are looking for more from their credit card-for instance, the opportunity to earn travel rewards or a cash rebate based on their spending.

"The InfiCorp Visa credit card program has allowed us to expand our product line within a turnkey program that is seamless to bank personnel," said Roland Bunnell II, a senior vice president at Framingham Cooperative Bank, an ACB member based in Framingham, Mass., with $302 million in assets.

"We searched for years to find a competitive credit card that we would be proud to put the Framingham Co-operative Bank name on. This program allows our customers to choose from a super low-rate program, a cash-back rebate program where they earn cash back on purchases, or the Rewards Passport program where they earn points redeemable for travel and merchandise with every purchase they make," Bunnell said.

Regularly scheduled mailings keep the credit card option in front of customers. For customers who already have a card, ongoing marketing presents promotional offers to attract clients who may wish to switch, Bunnell said.

Framingham Co-operative has a link on its Web site (www.framinghamcoop.com) for customers to apply for a card online or access information on their account through a Web site branded with the bank's name and logo.

"We are pleased with the results of being involved with this ACB-sponsored program," Bunnell added.

The ACB-InfiCorp Agent Bankcard Alliance helps institutions expand their franchise base, making it an attractive option for community banks.

Hudson, James "Strategic Benefits Are in the Cards: Credit Cards, That Is". Community Banker. . FindArticles.com. 26 Sep. 2008. http://findarticles.com/p/articles/mi_qa5344/is_200401/ai_n21343454

CREDIT CARDS

Credit cards make buying things so easy. The difficult part comes when the bills start rolling in and the interest rates keep adding up.

Drowning in plastic

If you have ever looked at the list of bankruptcies published in this newspaper, you know Kansans have a problem with credit cards.

Debt is crippling households across the country, and the worst form of debt --- credit card debt --- is on the rise. The average credit card debt per household in 2001 was $9,900, up 207 percent from 1991, according to a press release from Morningstar Communications Co.

At 18 percent interest rate, the interest expense on $9,900 credit card debt would be $1,782 per year, or $148 per month. Paying off that amount of credit card debt requires discipline because the minimum payment per month just won't get you anywhere. You will have to cut monthly spending and contribute at least $50 over the minimum, and stop adding to the principal every month.

The average American has 6.5 credit cards and devotes 14 percent of his or her take-home wage to paying off personal debt.

Stowers Innovations --- a Kansas City, Mo., based publishing house and forum for self-made billionaire James E. Stowers --- sponsored National Cut-Up-Your-Credit-Card Day last Wednesday.

For 24 hours, Americans were encouraged to put away their credit cards and pay cash only. If you missed the official observance, you still can designate your own date to do the same thing. If cutting up the cards is too painful, at least put them in a drawer for a day or week or month and see how it feels.

"Most of us have more wants than we have money," Stowers said in a statement. Stowers, who was a struggling mutual fund salesman in 1952, is today one of America's wealthiest men and a philanthropist. "Unless you prioritize your wants, you can easily fall into the credit card trap and over-extend yourself using credit."

Debt problems aren't just a problem among the poor and middle class. The Oct. 9 Wall Street Journal said wealthy families are piling on debt the fastest, largely because of increased borrowing against the value of their homes.

Stowers Innovations offered several ways to take charge of your credit cards:

--- Adopt a policy of cash only. No checks, no plastic. You will find it's a lot harder to turn over good old-fashioned paper money.

--- Recognize the difference between need and want. Needs fall in the line of food, clothing, shelter and health care. Just about everything else can be left at the store on the shelves.

--- Review your credit card statement. If there are items you forgot you bought or a series of small purchases, you are an incidental spender. Leave your credit card at home.

--- Contact your creditors. Tell them you need a lower interest rate. Most will accommodate your request rather than lose you as a customer.

--- If you use coupons at the grocery store, write yourself a check for the savings and apply it to your credit card balance.

--- See if your banker will loan the amount of your credit card balance at a lower interest rate than the credit card company is charging. Use this money to eliminate your credit card debt. Make a solemn vow never to fall into that trap again.

--- Don't get caught paying late fees. The average late fee has more than tripled on credit cards to more than $35.

--- Learn to pay yourself first. Every pay day, put money in a savings account, regardless of the amount, and leave it there. As little as $2 a day adds up to more than $700 a year.

Financial freedom doesn't just happen. It takes hourly, daily and monthly effort over long periods of time. But the rewards are profound. Imagine having no debt.

Capital-Journal "[ CREDIT CARDS ]". Topeka Capital-Journal, The. . FindArticles.com. 26 Sep. 2008. http://findarticles.com/p/articles/mi_qn4179/is_20021022/ai_n11789198

Goldfish credit card centre

BARCLAYCARD is axing 900 jobs at its Goldfish credit card centre and politicians are saying there's no loyalty to the Scots workers. Loyalty? This is a bank. They don't do loyalty - only billions in profits.