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Scamming in the UK
Identity theft can happen to anyone. Just today, it was reported that Barclays bank chairman Marcus Agius fell victim to an imposter who sweet-talked call center staff into issuing a credit card in Agius’ name. The thief is thought to have researched Agius online, looking up personal information that allowed him to present a credible story to bank employees. When he received the newly issued credit card, he walked into a Barclays branch and withdrew 10,000 pounds (about $15,000 US). Ill-gotten gains in hand, the fraudster simply walked away.
Visa Wins World Travel Awards for Tenth Straight Year
Going on vacation? You might want to have a Visa in your wallet.
For the tenth year in a row, Visa was named the World's Leading Credit Card at the prestigious World Travel Awards ceremony. The winner was determined by a worldwide online poll that asked travel agencies and front-line travel agents to choose the best credit card. Thanks to its scope of distribution, wide acceptance, and overall service, Visa took the prize, beating out competitors such as MasterCard, Discover, American Express, and others.
TD Banknorth has just launched a credit card that puts customers in control. The new Simply Flexible credit card rewards financial responsibility by allowing card holders to choose their interest rates. For example, a card holder can select a very low APR if they agree to pay off 10% of their card balance each month. This is great news for over half of the card holders out there, who routinely carry a balance on their credit cards.
Have you ever gotten a phone call or pre-approved offer in the mail that says you are approved for a $6,500 credit card? Everything about the offer seems like it's for a traditional Visa or MasterCard, but if you really ask some questions or read the fine print, you'll soon discover it's for a $6,500 line of credit to a mail-0rder catalog.
Remember the tales that came out in October of 2007? Tales of state employees using state-agency credit cards to fund jewelry purchases and tropical vacations? It seems that the misuse of business cards is spreading. Now James Brignati, the vice president for business and finance at Armstrong Atlantic State University in Georgia, has retired in the middle of a scandal related to misuse of his state-issued purchasing card.
It's 2008; do you know where your interest rates are? If you've been even one day late on your credit card payment, you might be surprised by the jump your interest rate has taken. Even card holders with good credit scores are being heavily penalized for late payments - sometimes as high as 30% interest.
How excited were you when speed pass came out, allowing you to "speed" right through the gas stations- flashing your key chain at the cute light up thing on the pump and then filling up?! Getting gas had never been so fun...
Pay more than minimum, get lower interest rate
While everyone rails against the credit card issuers for their small-print "gotchas" in the cardholder agreements, you have to admire their innovation. And this extends to the types of cards that are offered. Two new twists have come to my attention already this week.
Debit card for Social Security benefits
According to an article in today's Wall Street Journal, the Treasury Department is going to introduce a prepaid card for Social Security benefits. Called "Direct Express," the debit card is aimed at recipients who don't have a bank account. The Center for Financial Services Innovation estimates that 40 million U.S. households do not have a bank account or don't use banking services.
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