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Archive for 'Credit Cards' Category

This holiday season, say no to store credit cards

Published 12/9/14

This holiday season, say no to store credit cards By Peter Andrew

I'm such a nostalgia junkie. Even now I'm an adult (allegedly), I can't help but overlay the hell that is getting through holiday preparations with precious childhood memories. There were happy songs on the radio. There was no pressure to judge gorgeously gaudy decorations through the prism of taste. Church -- something rarely other than boring to a 6-year-old boy -- suddenly became upbeat and fun.

And, when it came to festive-season department stores, the tables were turned: Instead of Mom dragging me for seeming eternities through endless displays of china, linen, silverware, menswear and -- the ultimate humiliation -- womenswear, I got to drag her to the toy department.

"Bliss it was in that dawn to be alive, But to be young was very heaven," Wordsworth might have written about kids and holidays, had he not already used the lines to describe the French Revolution. Come to think of it, in our house, the two could get similarly bloody (at least metaphorically) by Christmas night -- though not for us kids.

Trouble in store

You have to feel sorry for today's 6-year-olds. It must feel as if every time mom comes to pay in a department store they have to settle down to witness a clerk giving her the hard sell on the retailer's plastic. And quite a lot of those moms (and dads and others) are falling for the pitch.

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Yes, Obama's credit card was declined -- but yours needn't be

Published 10/30/14

Yes, Obama's credit card was declined -- but yours needn't be By Peter Andrew

President Obama and I are like two peas in a pod. We both have quite a lot of grey hair. Er ... we both live in houses with street addresses that begin with a "1." And, um, we've both in the past had our credit cards wrongly declined. You see? POTUS and I are like brothers from different mothers.

Presidential plastic

Unexpectedly, given his multi-million dollar personal fortune, Mr. Obama's plastic was refused more recently than mine. He was in New York in September, attending the United Nations General Assembly, when he took the First Lady out to dinner. When the check arrived, his card issuer declined the payment.

Presumably after a short conference around the restaurant's payment terminal ("You tell him." "No, YOU tell him." "No way."), some poor sap was sent to inform the President of the United States that he was using dodgy plastic.

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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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