Low Interest Credit Cards

The jumbo financial reform legislation sitting on the Senate floor has 200+ proposed amendments to overhaul Wall Street as well as Main Street. It’s aimed at regulating financial institutions and protecting consumer issues to avoid future financial meltdowns and better protect consumer interests. The legislation addresses everything from the creation of a consumer financial protection agency to safeguards against big bank bailouts. If it passes, how will this epic financial reform proposal affect the everyday consumer?

1. Free Credit Scores For Certain Consumers. A consumer’s credit score must be provided to him or her for free by a lender or financial institution if it was used to deny credit, resulted in a higher interest rate on a loan, or prevented a job applicant from being hired.
2. Consumer Protection Regulatory Committee. Thi

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From now through May 28, 2010, PenFed is offering a Amex-style giveaway of highly discounted travel packages exclusively for its PenFed Premium Travel Rewards Amex cardholders.

Every Thursday, one Cardmember can purchase a destination package valued at up to $12,400 for only $500. For instance, on May 6 at 12 noon EDT, a “Culinary Adventures of Sydney” vacation package for two, valued at $10,800 is available to the first to click in for only $500. This package features a stay at the Four Seasons Sydney for 6 nights, a behind-the-scenes tour of the Sydney Fish Market and a Harbour Dinner Cruise and Seaplane Tour.

Every Tuesday, the first Cardmember to click in will be able to purchase the featured vacation package for 50% off. As an example, on May 4 at 12 noon EDT, a Maui vacation package valued at $4,700 can be purchased for $2,350.

And every single day until the end of the promotion on May 28, five “Quick Escapes” packages will be offered, allowing Cardmembers to purchase unlimited amounts of deals valued up to $3,000.

If you don’t have a PenFed Premium Travel Rewards Amex, you can apply first to participate. For more

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Parents can monitor their teens’ spending and teach them to keep track of their finances in a way that appeals to this millennial generation of mobile texters.

To find out how I use mobile alerts and text messaging to help my teenager learn about keeping track of the money in her debit card account, read my contribution to the National Foundation for Credit Counseling’s financial education blog.

The NFCC is a national association of accredited nonprofit credit counselors who help families dig their way out of debt by coaching them in budgeting and money and debt management skills.

See related: Debit card rewards offerings grow more diverse, 10 places NOT to use your debit card

Credit card providers have endured a difficult time during the past two years, owing to a combination of the credit crunch, rising bad debts and increasing pressure from the Government to treat customers fairly.

Unsurprisingly, as their margins came under pressure, there was a sharp fall in the number of 0pc balance transfer deals on offer. In 2008 there were 80 different 0pc balance transfer deals on the market, half of which were for periods of 12 months or more, according to financial website moneynet.co.uk.

But by last year the number of different 0pc interest cards had fallen to just 52, only 24 of which were for at least a year. However, in the past year, the number of different 0pc interest deals has nearly returned to its 2008 level, at 71 – 39 of which are for 12 months or more.

Peter Harrison, credit cards expert at moneysupermarket.com, said: “Yorkshire and Clydesdale banks have not traditionally been proactive players in the credit card best buy tables, so to see them make such a bold move is very pleasing. <

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Among those who do not have a store card, just over half said they had declined one on at least 10 occasions.

Three out of five people with a store card said they had been unaware of the interest they would be charged on it when they took it out, while 59pc did not even realise they would be charged interest on any money they spent, thinking the card simply enabled them to defer payment.

In reality, the interest charged on store cards can be as high as 29.9pc, compared with an average rate 18.6pc on a credit card.

Two-thirds of people with a store card admitted they were in debt after using their card while shopping, while 81pc said when using it they often spent money which they would not have done if they did not have access to credit.

But a savvy 12pc of people said they had taken out a store card in order to qualify for a discount, but destroyed the card immediately after they had used it for the first time.

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