All about credit cards

Woolworths Announces New “Everyday Money” Credit Card

Good news for our friends across the Atlantic: Woolworths has announced the launch of their new credit card, the Woolworths Everyday Money credit card. Woolworths CEO Michael Luscombe is excited about the launch, calling it a logical entry point into the financial services sector. Says Luscombe: “Our wide-reaching customer base is the ideal target market for the credit card as we already transact with them every day. We are in the business of providing customers with the essential goods and services they need for their everyday lives. Our financial services offering will be an extension of that proposition.”

Woolworths partnered with HSBC and Mastercard to produce the new offering. Shoppers will enjoy the rewards that come from using the Woolworths Everyday Money credit card. Purchases will add up and allow customers to earn shopping gift cards that can be used like cash at any Woolworths store. Woolworths has over 817 locations throughout the UK.

Identity Thieves Want Your Credit Cards

Credit card fraud is the leading result of identity theft. Thieves who steal other people’s identities often use them to open new lines of credit. Once a thief has your name, birth date, and Social Security number, they can start filling out credit card applications. If you receive many offers of pre-screened credit in the mail, identity thieves don’t even need to fill out an application – the card issuer did all the work for them! Some of these letters contain real credit cards. Calling an 800 number to activate them is all that’s required.

Identity thieves can also take over your existing accounts by pretending to be you. They call up the bank, verify your personal details, and change the PINs, passwords, and addresses associated with accounts. This is a nightmare for the actual account holder, who then has to spend time and money reclaiming their identity and their credit cards.

To fight credit card fraud before it devastates your credit, check your credit report regularly. Credit monitoring services will alert you to any changes on your credit report. Also, check your monthly credit card statements very carefully. Any suspicious activity warrants a call to your card issuer.

“May I See Your ID”? “No, You May Not.”

The last time you made a purchase with your credit card, were you asked to show your ID? If so, the merchant you bought from may have been violating their contract with Visa, MasterCard, or American Express. According to most contractual agreements between merchants and credit card companies, all a cashier is supposed to verify is the signature on the back of your credit card. Once they’ve compared that signature to the one you wrote down to complete the sale, no further ID should be requested.

Of course, most merchants ask for ID anyway. That’s because most employees and managers don’t realize that they’re not supposed to. Minimum purchase amounts are also a no-no according to most written agreements, but many merchants have a lower limit on how much you can purchase with a credit card. It’s a practical way to make sure they don’t lose money on card processing fees.

What can be done about minimum purchases and ID requirements? Not much, really. It doesn’t make sense to harass a merchant for trying to ensure the security and profitability of a transaction. File this one under interesting trivia rather than reasons to protest.

Is Credit Card Debt a Taboo Subject?

Surveys show that Americans would rather talk about the intimate details of their love lives than their credit. They were also more likely to bring up the subjects of death, rent or mortgage payments, their salaries, and their weight than the subject of their credit card debt. This begs the question: Are we dodging the subject because it’s embarrassing, or because we’re not really sure what we’re talking about where credit is concerned?

Other recent studies showed some discouraging numbers regarding what we know - and don’t know - about credit. 82% of Americans avoid discussing the topic whenever possible. 31% believe that credit scores reflect a person’s income level, age, and marital status rather than their payment history. Most know that making late payments hurts a credit score, but many don’t realize that maxing out one’s credit cards has the same effect.

Washington Mutual recommends that all card holders pay down their debt and check their credit report on a regular basis. They also suggest that card holders avoid coming anywhere near their credit limit on any card. A low debt-to-credit ratio will improve credit scores and decrease credit card finance fees.

Credit Card Fraud Hurts Businesses, Too

When we think of credit card fraud, we often think of individuals who have had their wallets or purses stolen and their credit cards used to finance unauthorized purchases. Or the victims of identity thieves who learn that they owe thousands of dollars in debts that they never incurred. But credit card fraud hurts merchants and businesses, too. And fraudsters are getting bolder every day. <p> Consider the case of Paul Thibodeau, the owner of Paul’s Outdoor Kitchens in Parrish, FL. He took a relay phone call that he assumed was being made on behalf of a deaf customer. The caller ordered thousands of dollars worth of kitchen materials. Though he listed his address as Fort Meyers, FL, he requested that the items be shipped to Athens, Greece. Thibodeau became suspicious when the caller gave him several credit card numbers, all of which were declined. Thibodeau’s suspicions were correct; his caller wasn’t deaf at all, but an identity thief who was giving out stolen credit card numbers. His plan was to convince Thibodeau to wire money to a fictitious shipping company. Then the thief would pocket the proceeds, and Thibodeau would be at a loss. <p> This situation was mirrored in the case of an Idaho florist who took an order for hundreds of single roses. The caller wanted the roses shipped to an orphanage in Ghana. They, too, tried to convince the florist to wire money to their shipping company of choice. Unfortunately, the rose orders were filled before things fell apart. The florist was left with hundreds of unwanted roses and valuable lesson: never wire money and expect the customer to pay for the expense with their credit card. The card might not be legitimate. And if the actual owner of the account disputes the charges, businesses have to refund the money from their own account. <p> The groups responsible for credit card fraud are getting more slick and organized. Some have even likened their tactics to a sort of modern-day mafia. If you’re a business owner, what can you do to avoid losing both your money and your inventory? <p> First, go with your gut. Legitimate customers do sometimes max out their credit cards without realizing it. In that situation, they’d have to provide a second number to complete the transaction. But if they give you number after number, you should beware. There’s no telling who the numbers really belong to, and whether you’ll keep the money you make off of the sale. Report suspicious activity to your merchant services provider. <p> It’s also advisable to require the customer to provide their billing zip code. Thieves, especially international ones, might not have this information. Legitimate card holders will. Finally, never wire money to a shipping company on behalf of a credit card customer. There are other ways to help out with up-front shipping costs if necessary. <p> Identity thieves who commit credit card fraud aren’t just victimizing card holders. Money lost due to fraudulent purchases can be reimbursed by the victim’s bank or card issuer. But businesses that face charge reversals after a sale has been made lose money and stock. The Better Business Bureau advises business owners and employees to beware any deal that sounds a bit shady. <p> <br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

The Many Faces of Identity Thieves

Identity theft is a serious crime. Estimates vary, but up to 15 million people may have been victimized by identity thieves in America last year. And the demographics of this crime are startling: victims usually know or have a personal relationship with the very people who steal their identity. It’s a sad fact that identity thieves are likely to be our friends, neighbors, co-workers and family members. Even young children are targets – and their parents are the usual perpetrators. <p> Once identity thieves have your personal information, they’re most likely to use it to open new credit card accounts. Considering the potential for financial ruin, that’s a scary proposition indeed. Worse, they can also pretend to be you while they hijack the accounts you already have. Once your identity has been compromised, it can take thousands of hours and a lot of money to repair the damage. <p> Who would do such a thing to a friend or loved one, and why? Sometimes the thieves are exes who want to control or terrorize their victim for personal reasons. Other times, identity thieves pretend to be family members with good credit in order to get loans or obtain cell phone contracts. One father even pretended to be his 22 month old son in order to file for bankruptcy. He wanted to enjoy the benefits of bankrupt status (ie, no more calls from debtors) without tainting his own credit. What a legacy to pass on to a child! <p> Co-workers also have the opportunity to steal our identities. Like more intimate acquaintances, their motivations might include addiction, necessity, or plain old greed. Be sure to keep your personal information under lock and key and never leave your purse lying around where a nosy thief can rifle through it. Also, never give out your personal information over the phone where others might be listening. Password protect your computer and lock it whenever you leave your desk. <p> Dealing with identity theft, especially when it’s been carried out by someone we know, can take a heavy toll on us both financially and emotionally. Luckily, there are steps you can take to protect your identity. <p> • Don’t carry your Social Security card with you every day • Don’t have your Social Security number printed on checks or your driver’s license • Don’t say your Social Security number out loud when listeners are nearby • Never give someone access to your credit or debit cards • Always keep your PINs and passwords a closely-guarded secret <p> It’s nice to help out friends and family, but make sure that you’re not funding an unauthorized shopping spree! Check your credit report at least once a year and dispute items that don’t belong there. If you see a large number of accounts that you didn’t apply for, get in touch with your credit card company and credit bureau right away. You might be unpleasantly surprised by the purchases that have been made in your name, without your permission. <p><br><br>This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for <a href="http://www.creditorweb.com/">credit cards</a> online.

Forgotten Credit Card Benefits

We all know how to get into financial trouble using credit cards, and most of us are aware of the various rewards programs we could join through credit cards - but there are a number of additional cardholder perks that are often forgotten that are worth remembering:

Car Rental Insurance. Many people forget that when you rent a car on your a credit card you can usually avoid buying the insurance offered by the car rental company because your card offers a collision damage waiver and/or loss damage coverage automatically.

Travel Accident Insurance . Do you usually buy travel accident insurance when you take off on a trip?  You may be buying it for no reason, if you have a credit card that includes travel accident insurance coverage.  Just use a card with this benefit to book your flight or make trip arrangements and you’re covered.

Emergency Cash Disbursment.  Did you know some credit card’s include a benefit to assist you if you find yourself without cash in an emergency.  If you have this cardholder benefit, you just call customer service, explain your situation, and you’ll have cash.

Concierge Service.  There are many credit cards that offer 24/7 concierge service to cardholders and can help you with your busy schedule.  They can help find a destination, make travel arrangements, reservations,  or even send gifts for you.

Emergency Roadside Assistance.  An option becoming increasingly more popular when you take out a personal loan, you may not need to buy an emergency roadside assistance plan.  Many credit cards, including all Capital One cards, offer Emergency Roadside Assistance coverage.  If you breakdown  you can make a simple phone call and get help through your credit card benefit.

Don’t Take No From Your Credit Cards as the Final Answer

One of my credit cards has an annual fee of $59.  When I got the card two years ago, my credit score was quite low and it was my hope to use the card to help re-establish my credit by making small purchases and paying them off each month before the due date.  I was only able to get a credit card with an annual fee, so I accepted it.

In the last year though, my credit score has been steadily climbing and I no longer feel my only option for credit is to you pay $59 a year to keep it.  I contacted the credit card company and asked if they would please remove the annual fee, and of course the response was an immediate “No.”  The customer service representative explained that when I applied for the card I agreed to their terms and conditions, which included a $59 annual fee.

Instead of taking no for an answer, I calmly thanked the man for his time and said that I would be transferring the small balance that remained on this credit card to a new credit card that was not charging an annual fee; and that I would be closing this credit card account.

I was placed on hold after which the representative returned to thank me for being a great customer of their card, not only removed the future charges of the $59 annual fee, but removed the last fee charged to my account and only asked that in return I did not cancel my credit card with them.

This is a perfect example of not taking no as the final answer from your credit card companies. If you have annual fees, ask to have them removed.  If you have a high interest rate, ask to have it lowered.  You might be surprised at what you can accomplish just by taking the initiative.

Scared of Scams? Buy with Credit Cards.

Jet setters beware: those crystalline waters you dream of are often swimming with predatory scammers. And travelers are their prey of choice.

Why have travel scams become so popular? The payment terms have a lot to do with it. Scammers can offer properties, accommodations, and special activities that require payment in advance. And since anyone can make a professional-looking web site that accepts online payments, many vacationers have parted with their money only to find themselves stranded in paradise.

What can a traveler do to protect themselves? Pay with a credit card. Never use your debit card to purchase travel deals. Debit cards don’t have the same chargeback protection that credit cards do. If you buy with your debit card, your money is simply gone - whether or not the seller delivered the services they agreed to deliver. By using a credit card, you ensure that you won’t have to pay for empty promises.

One word of caution: chargebacks don’t protect you against shoddiness. Even if those 5-star accommodations turn out to be less than stellar, you’re still obligated to pay for them.

Scared of Scams? Buy with Credit Cards.

Jet setters beware: those crystalline waters you dream of are often swimming with predatory scammers. And travelers are their prey of choice.

Why have travel scams become so popular? The payment terms have a lot to do with it. Scammers can offer properties, accommodations, and special activities that require payment in advance. And since anyone can make a professional-looking web site that accepts online payments, many vacationers have parted with their money only to find themselves stranded in paradise.

What can a traveler do to protect themselves? Pay with a credit card. Never use your debit card to purchase travel deals. Debit cards don’t have the same chargeback protection that credit cards do. If you buy with your debit card, your money is simply gone - whether or not the seller delivered the services they agreed to deliver. By using a credit card, you ensure that you won’t have to pay for empty promises.

One word of caution: chargebacks don’t protect you against shoddiness. Even if those 5-star accommodations turn out to be less than stellar, you’re still obligated to pay for them.