Archive | February, 2010

AccountNow® Prepaid Visa® Card Review

By on February 24, 2010 in Prepaid Credit Cards

The AccountNow® Prepaid Visa® Card is a reloadable card. Your available balance on the card is the amount you despot to the card. There is no minimum balance needed to keep the account open. You still get a monthly statement so you can view your account history. Since this is not a line of credit you will can not go into debt and you can not overdraft the account. You can apply for a card regardless of past credit problems or even if you have no credit at all.

AccountNow<sup>®</sup> Prepaid Visa<sup>®</sup> Card

  • $0 Monthly Fee
  • No Minimum Balance
  • No Credit Check. No Overdraft Fee.
  • Free Direct Deposit and Online Bill Payment
  • Use it everywhere Visa Debit Card accepted
  • Now with Purchase Rewards
  • Perfect for Occasional Usage

Reloadable and Easy to Use

This is a Visa card which means it is accepted anywhere that Visa is accepted. There are two ways in which you put money onto the card: direct deposit or add cash. Direct deposit is free and convenient. Your employer can have your paycheck transferred directly to your AccountNow® Prepaid Visa® Card. You get access to your funds on payday, avoid the inconvenience and cost of check cashing stores, and don’t have to worry about carrying around a lot of cash. If you sign up for direct deposit you get a bonus of $15. You can also add cash to the card by going to one of the cash network stores. The amount of each value load must be at least $10.00 not to exceed $5,000.00 per day.

$15 Bonus with Direct Deposit

AccountNow® Prepaid Visa® Card currently is offering a $15 bonus for those that sign up for direct deposit (which is free). You have to set up a recurring direct deposit of $50 or more for two consecutive months. There are other terms and conditions, so make sure to read the fine print, but a $15 bonus is nice for a feature that’s free to begin with and gives you access to your paycheck or government benefits check faster than a paper check. I’m not sure how long this $15 bonus offer will last, so go to AccountNow® Prepaid Visa® Card and make sure it’s still available.

AccountNow® Prepaid Visa® Card Rates and Fees

With this card there are never any late fees, finance charges or overdraft fees. However, even though this card is a prepaid card and not a line of credit, there are still fees for using the card. To get a complete list of fees you should review the Terms and Conditions of the card. Below are some of the fees for the AccountNow card.

  • Purchases: Free
  • U.S. ATM Transactions: $2.50 plus ATM owner fee
  • ATM Balance Inquiry: $1.50
  • ATM Decline fee: $1.00
  • International ATM Transaction: $4.95, plus ATM owner fee
  • Online Bill Pay: FREE for standard processing
  • Primary to Secondary Card Transfer: FREE
  • Monthly Statement: FREE for Online, Paper $1.00
  • Monthly Maintenance: $9.95

How to Apply for the AccountNow® Prepaid Visa® Card

Applying for this credit card is quick and easy. We’ve provided a link below that will take you to the official AccountNow® Prepaid Visa® Card website. From this page, you can click on the apply now button to go to the AccountNow® Prepaid Visa® Card secure online application. The application takes just a few minutes to complete.

To get started, visit the AccountNow® Prepaid Visa® Card official website.

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The Credit Card Act–Much Ado About Nothing

By on February 23, 2010 in Credit Card News

The Credit Card Act took effect yesterday, and I’m facing a real literary dilemma. As you can see from the title, we’ve chosen a Shakespearean reference to reflect our sentiments about the Act. But exactly which play to choose from was a tough call. Coming in as a close second was Macbeth, Act 5, Scene 5:

[The Credit Card Act is] but a walking shadow, a poor player that struts and frets his hour upon the stage and then is heard no more: it is a tale told by an idiot, full of sound and fury, signifying nothing.

The politicians and consumer advocacy groups (you know, the ones that no best how we should live our lives) will no doubt celebrate today. They will pronounce the Credit Card Act as long overdue; a real win for the little guy. And to be fair, the restrictions on a card issuer’s ability to raise interest rates will benefit some consumers and the expense of others. But here’s the reality about the Credit Card Act:

  • Debt: If you were in credit card on February 21st, you were still in credit card debt on February 22nd.
  • Bad Credit: If you have poor credit, your credit card options have been severely limited. Basically your options are down to a secured credit card or a prepaid credit card.
  • Fees: Fees will likely go up as credit card issuers attempt to address the loss in revenue brought about by the Act.
  • Rewards: One of the fears was that the Credit Card Act would really take a bit out of rewards credit cards. While card issuers have made subtle changes to rewards programs, adding fees for example, the rewards cards are still plentiful.

If you’d like to read other perspectives on the Credit Card Act, check out these articles:

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ACE Pink Visa Prepaid Debit Card

By on February 16, 2010 in Debit Cards

The ACE Pink Visa Prepaid Debit Card provides a unique opportunity to manage your money and help fight breast cancer at the same time. As a prepaid card, you can load money onto the ACE Pink Visa with free direct deposit, transfers from a bank account, at retail locations, and even through PayPal transfer. And because the card is a Visa, it’s accepted just about everywhere. Use the ACE Pink Visa Prepaid card at department stores, gas stations, grocery stores, restaurants and even places where cash can’t go, such as bill payments over the phone, catalogue and internet shopping. Over 30 million merchants worldwide accept Visa Prepaid Debit Cards.

  • As an official sponsor of the National Breast Cancer Foundation, purchases from the ACE Elite Card have contributed to over $2 million towards breast cancer awareness and detection.
  • Get your tax refund faster with direct deposit.*
  • Get paid up to 2 days faster with free direct deposit of paychecks and government benefits*
  • Free Anytime AlertsTM - Get your balance and transactions via text or email*
  • Secure: Card funds are backed by Visa® Zero Liability*

ACE Pink Visa Prepaid Debit Card

Because the card is not a credit card or part of a checking account, there’s no need to worry about ChexSystems, credit checks, over-limit fees, our bounced check fees. The card is ideal for those with no credit or even bad credit.

Getting the ACE Visa Prepaid Debit Card is easy. You can quickly apply online at www.acecashexpress.com, where ACE will verify your name, address, telephone number and collect the one-time fulfillment fee. There is no credit check or application. You are already accepted!

Due to newly adopted government regulations, all customers are also required to provide their date of birth and one form of government ID to activate a card. All U.S. citizens must provide their Social Security Number as the form of government ID. Non-U.S. citizens can provide an alternative form of ID, such as a Driver’s License, Passport, Alien Registration.

ACE Pink Rewards

With the ACE Pink Visa, you support the fight against breast cancer every time you use the card. ACE Express makes a donation with every card transaction. Last year ACE donated more than $350,000, and they hope to surpass this milestone this year.

ACE Pink Rates and Fees

Keep in mind that just because this card does not charge interest, there are still fees associated with using the card. For a complete list of rates and fees you should review the ACE Terms and Conditions. The table below highlights some of the fees associated with using the card.

Pay As You Go CustomersFee Advantage Customers
Monthly Service FeeFREE$9.95, billed on cardholder's cycle date
Signature Purchase Fee$1.00FREE
PIN Purchase Fee$2.00FREE
Domestic ATM Cash WithdrawalsUp to $2.50 per withdrawal, plus ATM owner fees, if anyUp to $2.50 per withdrawal, plus ATM owner fees, if any
Card Fulfillment Fee$9.95$9.95
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UPside Visa Prepaid Card

By on February 14, 2010 in credit cards

  • The power of a bank account in a Visa Prepaid card
  • No activation fee. $0 monthly fee if $300 or more is loaded each month. Only $1.99 otherwise.
  • Free Direct Deposit from your employer. Deposit cash at 60,000 locations nationwide.
  • No credit check required. Bad credit is ok.
  • Write personal checks, best to pay rent or other bills.
  • Accepted like any Visa debit card in the US, abroad and online.

UPside Visa Prepaid Card

The UPside Visa Prepaid Card is ideal for teens, students, those with no credit, or even those with bad credit. The card is a reloadable prepaid card, which means your spending limit is the amount you put on your card. Because the card has no line of credit or credit limit, you can’t spend more than you have deposited onto the card. There are no over limit fees, and you can’t go into debt. There are no interest charges.

Reloadable and Easy to Use

The Upside Visa offers free direct deposit of paychecks. In addition, you can load the card at 60,000 retailers (up to $500 per load). And you can even write personal checks with the card online, and UPside Visa will mail the check for you. You can even view your balance and transactions online in real-time.

Upside Rewards
The card does have a rewards program called the UPoints Rewards Program. The Rewards includes both cash back and rewards certificates to nationwide retailers. The UPoints are rewarded in various ways. You can earn up to 15 Points-per-dollar-spent at any of the hundreds of UPside Mall merchants. The purchase does not have to be made with an UPside card. Loading money onto the card will earn you 1 UPoint per dollar (UPside Edge only). If you refer a friend and they become a card member you will earn 500 points. There are also additional ways to earn points like the Create-A-Card contest and the “Purchase of the Month” program. The points you earn depend on where you make the purchase. You will receive between 1 and 15 points per dollar spent, which are worth between 1 and 15% cash back at select retailers.

Upside Rates and Fees

Even though the card is a prepaid card and it does not charge interest, there are still fees that are associated wit using the card. The Upside Prepaid Visa offers 4 different types of cards, and the fees you will be assessed are based on the card you have. The table below shows you some of theses fees. For a complete list you should view the Terms and Conditions of the card.

PLAN OPTIONUPSIDE CLEARUPSIDE ACCESSUPSIDE EDGEUPSIDE LIFE (not applicable to all)
Activation Fee
FREEFREEFREEFREE
Membership FeeFREE$2.99/month$29.95/yearFREE with $300 + loaded/month (otherwise $1.99)
Loads from ACH/DDAFREEFREEFREEFREE
Loads from Debit or Credit Card$2.50 convenience fee for instant loads$2.50 convenience fee for instant loads$2.50 convenience fee for instant loads$2.80 convenience fee for instant loads
Maximum Balance$1000$2000$5000$10,000
ATM AccessN/A$1.49 for withdrawals + fee charged by ATM provider$1.49 for withdrawals + fee charged by ATM provider$1.49 for withdrawals + fee charged by ATM provider
Phone Inquires$0.99/call$0.99/call$0.99/call$0.99/call;
$2 to speak to live agent
Card Replacement$8.95$8.95$8.95$9.95

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What Should You Pay First–Credit Cards or Mortgage?

By on February 12, 2010 in Credit Card News

If you only had enough money to pay your credit card bills or your mortgage, but not both, which would you pay? Having grown up in a home that we almost lost to foreclosure and bankruptcy, the answer for me would be easy–you pay the mortgage first. But more and more people are coming to the opposite conclusion. According to a report by Trans Union, 6.6% of consumers are delinquent on the mortgages, but current on the credit card bills.

So what’s going on here? According to some, many folks have given up on trying to keep their homes. Recognizing that the value of real estate has fallen so much, the urge to save the home at any expense is no longer there. In contrast, many people rely on their credit cards to handle monthly expenses. If they lost their cards, they’d have a hard time feeding their families.

So if you are faced with this dilemma, which should you pay first? While the answer to that question will certainly differ from one family to the next, here are some factors to consider.

First, is keeping your home realistic? If a foreclosure is inevitable, putting more money toward the mortgage may not be the best idea. Before making this decision, however, it’s worth contacting your mortgage company. While there is no guarantee that accommodations will be made, more and more mortgages are being modified to keep homeowners in their home. And even if you do end up losing your home, the transition can be better if you work with your bank.

For example, CitiMortgage is piloting a program that would allow you to stay in your home for 6 months to ease the transition. They’ll provide counselors to help in the move and even up to $1,000 in cash. And the U.S. Treasury Department will soon be launching a similar program, called the Affordable Foreclosure Alternatives Program (HAFA).

Second, talk to your credit card companies. In some instances, they are willing to lower the minimum monthly payment and or interest rates. While there is no guarantee of help, the point is that sticking your head in the sand and wishing the financial problems away won’t help.

So what’s your take–would you pay your mortgage or credit cards first?

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How to Find a Credit Card’s Minimum Payment

By on February 11, 2010 in tips

A question we hear a lot is how much is a credit card’s minimum payment? For example, if you have a $2,000 balance on a card, what will the minimum payment be for that card? The short answer is that for most cards, the minimum payment is generally about 4% of the outstanding balance. As a result, for every $1,000 outstanding on a credit card, the minimum payment would be about $40.

Until a few years ago, most cards set the minimum payment at about 2% to 2.5%. At this level, making just the required payment would cover the interest charges and a very small portion of the outstanding balance. At this rate, it would take years to pay off a balance.

In 2005, banking regulators encouraged credit card companies to set minimum payments at a level where consumers would pay down their balances by at least 1%. The result was that most credit card companies moved to the current 4% minimum payment formula.

Don’t confuse minimum payment with balance owed

Keep in mind that the minimum payment and total balance owed are different. The minimum payment is simply the amount that must be paid that month to keep your credit card account current. In contrast, the balance owed is the total owed on the card, which can be substantially higher than the minimum payment.

Should you pay more than the minimum?

Because credit cards tend to charge high interest rates, paying down the balance as quickly as possible is generally the best approach. Of course, it’s important to weigh paying down a card with other financial obligations you may have. But the minimum payment should not be viewed as anything more than the absolute minimum that needs to be paid to satisfy your contractual obligation to the credit card company.

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Manage Your Money with Discover Card’s Spend Analyzer

By on February 10, 2010 in Credit Card Tools

For those that carry a Discover Card, Discover offers a free money management tool that is incredibly useful. Called the Spend Analyzer, Discover’s online tool helps you control spending by giving you an easy to understand snapshot of the money you’ve charged to your Discover card. And the great thing about this tool is that the data is derived automatically from the charges you add to your card. Spend Analyzer organizes the charges by category and presents the information to you almost like a detailed budget.

Because a picture truly is worth a thousands words, here is a snapshot of Discover’s Spend Analyzer taken from my own Discover More Card account (click image to enlarge):

As you can see from the image, the Spend Analyzer let’s you look at your spending over several different time periods ranging from 1 month to 24 months. And you can drill down into any spending category for more details. Here’s what the detail view looks like for the category Merchandise:

You can then drill down to individual retailers and transactions to see how you’ve spent your money. Spend Analyzer let’s you print out any view and save views to a .pdf file. Of all the money management tools designed by credit card companies, Discover’s Spend Analyzer ranks the highest.

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Annual Fee

By on February 9, 2010 in glossary

A yearly fee charged by credit card issuers on some credit cards. The fee is separate from interest charges or other fees, and is assessed regardless of how often the card is used. The annual fee typically is added to the credit card statement along with other charges on the card.

The amount of the annual fee varies. Many credit cards do not charge an annual fee, while some of the more exclusive charge cards have annual fees as high as $450 per year. In addition, most bad credit credit cards charge annual fees, which can vary based on the applicant’s credit history.

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Carnival of Money Stories 2 (Super Bowl Edition)

By on February 8, 2010 in Credit Card News

The Saints bested the Colts 31 to 17 last night in a Super Bowl that didn’t really feel like the big game to me. Maybe that’s because the Steelers weren’t in it. Anyway, congrats to the Saints and the city of New Orleans. Stories are a powerful way to communicate a message, and the Saints are no exception. Here’s their story, as told by ESPN’s Wright Thompson (hat tip to Copyblogger):

The soul of the city is in a football game three seasons ago, the return to the Superdome, on a Monday night when those of us who love New Orleans first realized the city would be back. It was Sept. 25, 2006 — Payton’s and Brees’ first home game.

The Friday night before, Payton gathered his team in the empty stadium. People had died there, just 13 months before. The bodies were stored in a catering freezer. The building seemed unfixable, and now the Saints stood at midfield. On the video board, Payton played a movie about the hurricane. It showed it all, the dark, dark water, the archipelago of rooftops, the fear on the faces of an abandoned city, the slow pan of the Humanity Street sign barely visible above the current. It showed the Superdome with its roof almost torn off. It showed a city that looked as though it would never return. Then the video ended. The players, standing at the center of a rebuilt stadium, all shiny and new, talked about what they had seen and how important they were to the people who would fill these seats the next night.

They understood.

The game began and, less than two minutes in, the Saints blocked a punt and recovered for a touchdown. One of my best friends, a chef who grew up in the city, sat on his couch in Mississippi and wept. So did thousands of people in the Dome. For 37 seconds, an eternity on television, the announcers stayed quiet, the only noise coming from the screaming of the crowd. Thirty-seven seconds, while a city went completely and totally insane with joy.

Now let’s turn to some stories of the pecuniary variety.

Editor’s Picks

Ryan presents Living in Honolulu for Less than $1000 a Month posted at Planting Dollars. Ryan is living the dream!

Madeleine Begun Kane presents My New Policy posted at Mad Kane’s Humor Blog.

The Financial Blogger presents The New Meaning of Retirement posted at The Financial Blogger.

FMF presents 2009 Budget Review posted at Free Money Finance.

BWL presents Money Management Advice from Grandpa posted at Christian Personal Finance.

Super Bowl Fact: The first Super Bowl was played in 1967 between the champions of the National Football League (NFL) and American Football League (AFL). The two leagues merged in 1970, and the leagues became conferences.

Other Great Money Stories

MDP presents Do You Overlook the Indirect Costs? posted at My Dollar Plan.

Darwin presents How Much Could You Reduce Your Budget if You Get Laid Off? posted at Darwin’s Finance.

CreditCardAssist presents Card Issuers Step Up for Haitian Relief Efforts posted at CreditCardAssist.com.

oneadvice presents Single Parents Debt Advice posted at One Advice.

Super Bowl Fact: The Pittsburgh Steelers have won a league-leading six Super Bowls. The Cowboys and 49ers come in second with 5 wins each. At the other end, four teams have yet to make it to the Super Bowl–Lions, Browns, Jaquars, and Texans.

Sagar satapathy presents The Problem With Dow ETFs posted at ETF Database.

Brian McKay presents New Credit Card Rules – How the New Credit Card Laws Affect You posted at MonitorBankRates.com.

Patty Pedersen presents Good Stocks to Buy When Stock Market Correction is Over posted at AlphaProfit MoneyMatters – Investing Blog.

Joel presents Kwedit.com: Social Payment Network for Teaching Kids about Credit Use posted at Credit Card Chaser.

Joe Plemon presents Tax Refund? How You Should Use It and Why You Should Lose It posted at Personal Finance By The Book.

Super Bowl Fact: After the Packers won the first two Super Bowls, some feared that the AFL was no match for the NFL. Then along came Joe. The Jets lead by Joe Namath defeated the Colts in Super Bowl III and the Chiefs, an AFL team, bested the Vikings in Super Bowl IV.

Billeater presents Individual Development Account: Save Money and Get Matching Contributions posted at Billeater.

Lakita presents How a FREE Raffle Cost Me $70 posted at Personal Finance Journey.

Patrick @ Cash Money Life presents How Much Should You Leave Your Childrens Guardians in Your Will posted at Cash Money Life.

Ray @ Financial Highway presents Frugal Valentines Day Gift Ideas posted at Financial Highway.

Silicon Valley Blogger presents Personal Budgeting Made Easy With the 60% Solution posted at The Digerati Life.

Super Bowl Fact: The Vikings, Broncos, and Bills have lost the Super Bowl more times than any other team in the league–4. The Bills’ losses are the most painful, having occurred four years in a row.

Before You Invest presents Online Investing for Beginners posted at Before You Invest….

Tom @ Canadian Finance Blog presents Introducing Alan Schram posted at Canadian Finance Blog.

he Smarter Wallet presents Beware of Internet Scams: Avoid Get Rich Quick Schemes posted at The Smarter Wallet.

Mrs. Accountability presents I’m Drowning in Receipts | Out of Debt Again posted at Out of Debt Again.

David R. Lampsen presents It’s the Grocery Game… And I’m Actually Interested posted at Personal Finance Analyst.

Matt Jabs presents Turbotax – Prepare Taxes Online – Free eFile posted at Debt Free Adventure!.

Sun presents How We Spent Our Money in 2009 posted at Earn More Invest Wisely at The Sun’s Financial Diary.

Matthew Paulson presents Businesses Hope for Profits from Super Bowl posted at American Consumer News.

That’s it for this edition of the Carnival of Money Stores. We’ll leave you with one of our favre-it Super Bowl commercials this year:

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Zync by American Express

By on February 6, 2010 in credit cards

American Express recently launched a new card designed for young adults. Called the Zync by American Express, the charge card takes an innovative approach to the credit card market. Before we get to that innovation, however, there are two things we need to cover. Zync is a charge card, not a credit card, and it comes with a $25 annual fee.

Unlike a traditional credit card, a charge card must be paid in full each month. That’s good news if you don’t want to pay interest charges or ring up a bunch of debt. A charge card can also help keep you disciplined if you tend to charge up cards and carry a balance from month to month. The interesting angle with Zync, however, is that it is designed for the younger generation. In fact, the Zync card is the first charge card to be marketing to young adults.

So apart from marketing a charge card to a young adult, where’s the innovation? The innovation comes in what American Express calls Lifestyle Packs. Lifestyle Packs allow you to choose your rewards based on your lifestyle. American Express offers four options:

  • Go Pack (+$20): The Go Pack allows you to earn 2x rewards points on airfare and annual membership in the Credit Card Registry (a $29 value), which enables you to cancel your card from anywhere, and helps to replace lost passports. You will also earn up to 25% off at select travel retailers like Avis or Hertz, a free GPS with rental, and $50 credit on AmEx Vacation packages if you sign up by December 31, 2010.
  • Social Pack (+$20): This package allows you to earn double the Membership Rewards on purchases made at restaurants or for events. You will also get special access to events tickets before they are available to the general public through the exclusive e-newsletter.
  • Connect Pack (+$20): The Connect Pack earns you twice the rewards on mobile and cable services, from cell phone to broadband internet. You will also be awarded a 25% reward point discount when you purchase mobile devices at www.membershiprewards.com.
  • Eco-Pack (+FREE): This package comes at no additional annual fee, and earns you double rewards for purchases made from select “green” merchants as rated by Greenopia. You also get access to Grenopia’s Eco-Concierge service, and spend 25% fewer points on eco-products at www.membershiprewards.com. In addition, for every Eco-Pack membership, AmEx will buy $1 of carbon offsets for reduced carbon emissions.

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Zync(SM) from American Express

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