Credit Cards Tips for You

Are you looking for a secured card with no APR on purchases for the first 6 months, and a relatively low APR thereafter? Then the Public Savings Bank Secured Black Card might be the one for you.

After your introductory period, the interest rate will be a low 7.99% plus Prime – and you’ll have 25 days grace period after your statement arrives in which to pay the balance and avoid interest altogether.

Interest on cash advances, however, will be charged at 10.99% during the first 6 months, and from 19.99% to 23.99% thereafter.

Should you Make a late payment; Exceed your credit limit, make a payment that is returned, or do any of these things on another account with Public Savings Bank, your interest will go to 23.99% for an indefinite period of time.

Your monthly payment will be 2% of your balance or $10 – whichever is greater.

You’ll have a one-time set up fee of $79, and NO annual fee. When you increase your credit limit, a $25 fee per increase will apply. The fee Read more…

House Rules Committee Chairman Louise M. Slaughter is reportedly working on legislation that would cap credit card interest rates at 16 percent.

While 16 percent certainly isn’t low, it’s markedly better than the 30 percent interest rates tied to many credit cards these days.

The bill, which is expected to be introduced after the Thanksgiving holiday, is essentially a response to credit card issuers raising rates to offset the effects of the Credit Cardholders’ Bill of Rights.

Those changes, which include the elimination of arbitrary interest rate increases, two-cycle billing, and negative payment hierarchy, are slated to be implemented in February.

But with every new regulation thrown the credit card issuers’ way comes a fresh strategy to make profit some other way, e.g. higher

Read more…

Bucking seasonal trends, credit card delinquencies decreased during the third quarter.  While small, the decrease in late payments from 1.17 percent to 1.1 percent is a positive sign for consumer lending, especially given the fact that consumer delinquencies have not dropped during this period in a decade.

Delinquencies, which are payments 90 days late, are a strong indicator that credit card users will default.  Throughout the past year, credit card defaults have skyrocketed to as much as 13% at some of the nation’s largest bank.  This has contributed to lower credit supply and higher credit card costs, mainly in the form of higher interest rates and shorter 0% promotional periods on balance transfers.  This recent improvement, however, may bring some optimism to major banks, perhaps leading to more accessible credit.

Ultimately, however, this slight decrease in delinquencies may have little impact on credit card lending.  Between preparations for the new credit card laws and massive default levels, most credit card companies are reeling.  Some, such as Citibank, have embarked on seemingly absurd rate increase sprees.  Others have simply reduced their lending, raised interest rates on new customers, and cut off 0% balance transfers.

On the bright side, the decrease in defaults that occurred in the third quarter may be a sign that more Americans are getting their credit card debt under control.  This could translate into a longer term decrease in default rates which, in turn, could get consumer lending re-started.  Unfortunately, this is unlikely to occur for at least three to six months, as credit card companies will need more than a single quarter of positive news to alter their current frugal course.

You can’t be turned down when you apply for the Applied Bank National Express® Secured Visa® Card

All you have to do is open a FCIC Insured Deposit Account at Applied Bank. Your new account will secure your new Applied Bank Visa card, and the credit limit will be equal to the amount of your deposit. No interest will be paid on this deposit account.

You can start with as little as $200 and go as high as $5,000. Plus, you’re not stuck with your initial deposit – any time you want you can increase the deposit, and your credit limit, up to the $5,000 limit.

Your application is guaranteed with verification of your deposit and your identity. The U.S. PATRIOT Act dictates that we must verify your name, address, date of birth and other identifying information.

This is a real Visa card, not a prepaid or debit card, and as such it is protected by zero percent fraud liability. It also comes with real rewards – With your account approval you’ll be entitled to a free companion airline ticket valued at up to $530. Simply requ Read more…

SBI Card, the credit card service offering from the State Bank and GE Capital, today launched mShop to enable its customers shop from over 100 merchants across the country, using their mobile phones.

mShop offers SBI Card customers the convenience of transacting anytime, anywhere, while ensuring complete security of their transactions, an SBI Card press release said.

“We are delighted to launch mShop, yet another way to make life simple for our customers. mShop will further enhance our cardholders’ experience with SBI Card. It will also open up a new revenue stream for our business,” SBI Card chief executive Diwakar Gupta said.

SBI Card is a joint venture between the State Bank and GE Capital and offers domestic consumers extensive access to a wide range of payment products and services.

With the introduction of mShop, SBI Card customers can now buy air tickets, cinema tickets and pay utility bills using their mobile phones, the release said.

The cardholders can instantly download the mShop application on their mobile phones and after initial registration can begin shopping on the go, it said.