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Archive for 'Credit Cards' Category


So you've been hacked, America: Ready for EMV now?

Published 1/31/14

So you've been hacked, America: Ready for EMV now? By Georgie Miller

The recent hacking of the Target and Neiman Marcus databases has many consumers worried about the security of their information. It seems like the technology used to store personally identifiable information should be better than it is today, but unbeknownst to many U.S. consumers, other countries around the globe have used a more secure technology for almost a decade.

What is this technology, you ask? It's involves EMV or "chip-and-pin" credit cards. Unlike the credit card with a magnetic stripe (magstripe) on the back that is probably in your wallet now, chip cards contain a microchip. Transactions made using cards with EMV chips don't reveal your account number to the merchant. This means that even if the merchant is hacked, your account would presumably be safe.

EMV cards have gradually been becoming the norm in other countries, especially those in Asia and Europe. In fact, consumers who travel internationally may already have with EMV-compatible cards. So why has the U.S., which prides itself on being on the cutting edge in all things, not adopted EMV already? Both cost and path dependence are likely factors.

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6 ways to wreck your credit without knowing it

Published 8/9/13

6 ways to wreck your credit without knowing it By Justin Boyle

I was at the house of a songwriter friend of mine who recently came back from a tour of Texas and Oklahoma, and he showed me an unusual souvenir he picked up on the road: a bill for the credit card he used to buy gas for the trip.

While that might not be a strange souvenir for most people, for him it was practically unheard of. As long as I'd known him, he had never had a credit card. He had been careless with credit in his early 20s, and for years he had been unable to get a decent rate from a credit provider.

After years of collection-agency calls and a near-bankruptcy, he's far from careless now. But not everyone has had the opportunity to learn good borrowing behavior the hard way.

If you don't want to learn the hard way, here are six things you may want to avoid as you build your credit history.

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2 steps to beneficial credit card spending

Published 7/17/13

2 steps to beneficial credit card spending By Georgie Miller

Sometimes it seems to me that every personal finance article on the Internet suggests that the only side effect of credit card use is overspending. And obviously overspending is something that needs to be avoided. However, it is actually possible to use credit cards to keep your spending in check.

How? By being a conscious consumer, you can use a credit card to simplify your record-keeping and make better spending decisions. Try the two steps below to see if you can use your credit card to improve your finances.

Step 1: Track your total balance

By tracking the total amount I've spent each month rather than considering each individual purchase, I can more easily decide the effect that purchase is going to have on my bottom line. Let's say a friend asks me to go to dinner and I have $30 in my wallet.

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Does your start-up need a business credit card?

Published 7/11/13

Does your start-up need a business credit card? By Justin Boyle

I'm not sure exactly when the fever took hold, but more than a few people I know have made the decision to start businesses in the last year or so. Whether it's turning an old Airstream trailer into a food truck, founding a software startup or turning a love of vintage objects into a resale shop on eBay, entrepreneurialism seems to be happening all around me.

Some general themes emerge when my enterprising friends talk about their ventures. Cautious optimism is pretty common, as you might expect, and practically everyone sighs heavily over start-up costs and overhead. All those sighs set me to wondering: What's the best way to pay for it all?

People who applied for business credit cards before doing any hefty spending tend to swear by their method, but those who dove into using their own personal credit haven't reported a long list of regrets either. Is one way really better than the other?

Let's take a look at some of the factors.

Reasons to get a business credit card

One of the biggest headaches of sole proprietorship is the necessity to keep track of your business finances.

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Is it safe to start spending again?

Published 7/5/13

Is it safe to start spending again? By Peter Andrew

I've been writing about business and money for a depressingly high number of decades. But I only started to cover credit cards in 2008. Remember that year? It was when the impact of the credit crunch really began to hit. People were hurting, and suddenly debt that had previously seemed easily manageable took on scary proportions.

Often, my job was to howl at the injustices some credit card companies inflicted on their customers, to provide advice about strategies for paying down card debt quickly, and to warn readers about the horrors of unmanageable debt. I'm a cheerful sort of person, and all that doom and gloom didn't come naturally.

Everything's coming up roses

Then, on June 27, everything changed for me. An e-newsletter arrived in my Inbox from Comerica's chief economist Dr. Robert A. Dye.

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3 ways to maximize your travel rewards this summer

Published 6/5/13  (Modified 9/22/14)

3 ways to maximize your travel rewards this summer By Justin Boyle

Last weekend I got a text message from my mother. It included a photo of her smiling in front of a picture window overlooking the sea and text that read, "Brunch in San Diego, dinner at home in Phoenix. Not a bad life!"

My parents are making a pretty good go of the empty-nest lifestyle, taking an island vacation once every few years and occasionally traveling between their old stomping grounds in New York City and their new turf in the Valley of the Sun. But they're not usually the type to jet to the seaside for brunch on an ordinary Saturday, so I had to ask about this trip.

It turned out that it involved the pending expiration of points they'd earned through their credit cards with miles promotions. By keeping an eye on the fine print of their card agreements, they were simply making the most of what their travel rewards cards offer them.

Want to do the same this summer (and beyond)? Here are three tips for maximizing your travel rewards.

1. Target the right carrier

Not all airline rewards programs offer the same flight availability. Some carriers offer few seats to frequent flyers on their flights, but others are much more liberal.

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