Credit Card Blog

Archive for October, 2007

When Paying Your Credit Card Bills On Time Hurts You

Everybody knows somebody who pays ridiculous amounts of interest on their credit card statements because they repeatedly pay their bills late or miss payments all together.  But what about when you have a credit card that raises the interest rate you pay because you DO make your payments in full and on time?!

When this happens, make sure you call your credit card lender to find out why your interest rate was increased.  You’ll probably hear something insane, like “Because you have a high balance on a different credit card”; and believe it or not, that’s a valid reason for most credit card companies to increase their rates!  Just like if you make a late payment on one credit card issued by Bank A, or your mortgage or other account-  and Bank B decides you deserve a rate increase on the credit card they issued you because of it.   If you read the “fine print” of your credit card terms, you’d probably read something like “We can raise our rates whenever we want, for whatever reason we want.”

Ever wonder why most credit card companies are located in Delaware or South Dakota?  It’s because they can have higher rates of interest in these states- since the companies are ruled by the state they incorporate in.

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What’s in Your Netherweave Bag?

Here at Creditor Web not only do we receive hundreds of thousands of visitors from all over the world every month, we also receive our fair share of visitors from the World of Warcraft. Our ongoing goal is to serve you, the consumer, and we do not feel we have done a fair job giving our WoW visitors the advice they need. To correct this problem we have scoured our log files to find the most popular credit cards among our visitors from the World of Warcraft.

Although we do not like to group our visitors into boxes, in this case we’ve noticed an overwhelming trend of what cards are chosen based on class, and we thought it would be helpful to share. So without further ado, here is the list of our most popular credit cards our visitors from the World of Warcraft choose, broken down by class.

Druid

Druid

Druids are the shape-shifters of Warcraft. We don’t know if they are indecisive or just like variety. Either way, one thing is clear, they don’t like being locked into any one form. As druids shift forms to assist them with common tasks such as travel, and trade they need a credit card that will do the same. That’s why they choose the Chase Freedom Card. It allows them to easily switch between points, airline miles and cash in order to keep up with their ever changing lifestyle.

Hunter

Hunter

Hunters only have two true friends in the world: their weapon and their pet. They are passionate about animals and want to make sure they are well cared for; that’s why most hunters choose the PetRewards Platinum Plus Visa Card. While spending money on weapons and repairs, they earn points that can be used to feed and care for their own pet, or can donate to shelters that care for others. They can even place a picture of their pet on the credit card.

Mage

Mage

The mages are a magical class. After Dalaran was destroyed, they spread to the far corners of the world. Among their most popular destinations are Disney Land and Disney World. The combination of being the most magical place on Earth, and the mages’ superior skills in dealing with crowds makes these resorts the ideal second home for any mage. For most mages the Disney Rewards Visa Card is the obvious choice. It allows them to save money and reap significant rewards at their favorite destinations.

Paladin

Paladin

Paladins are somewhat a jack-of-all-trades. They fulfill a number of roles and frequently find themselves performing a different job, depending on the situation. An unfortunate side effect of constantly switching jobs is that they find it hard to build a good credit history. Because of this, the majority of paladins who visit our site apply for a secured credit card. Their top choice is the Orchard Bank MasterCard Secured. Paladins posses some healing skills and their weapon of choice for healing bad credit is a secured card.

Priest

Priest

The priests are a noble class who are more focused on the healing of others than their glory. Because of this selfless nature and their interdependance on those around them, many priests who visit our site choose to apply for a charity credit card. Being long time followers of the Holy Light, they love hearing others’ “Stories of Light”. That’s why the most common choice among priests is the Make-A-Wish Platinum Visa Card. With this card a portion of every dollar spent is donated to the Make-A-Wish foundation that has been providing healing to families of sick children since 1980.

Rogue

Rogue

Rogues prefer the cover of night, and are highly skilled at disappearing from sight. They are known to be manipulators who are full of cunning tricks. They often find employment as thieves, cutthroats, spies, and assassins. There is only one place where these creatures of the night feel at home: New York City! That’s why 8 out of 10 rogues choose the IN:NYC Card from American Express. Not only do they save money on everything they need in New York — a very important factor for any rogue — but with six months of no interest, no fees and a low interest rate this card is virtually a steal.

Shaman

Shaman

Shamans have traditionally been a passive class who tend to spend their time meditating and seeking higher knowledge. They have developed a bit of a reputation as tree huggers over the years due to their intense love and respect for nature and with the help of certain “herbs” they’ve even been known to give visions of the future on occassion. They prefer to stay among their own kind which has made the Starbucks Platinum Duetto Visa Card a very popular choice with them. There’s a Starbucks in every trade district, and with this card shamans can afford to share a brew from an artisen barista with their fellow visionaries more frequently.

Warlock

Warlock

The warlocks were once mages and as such share their deep interest in magic. However, they delved too deeply into the dark side of magic and have turned to the forces of evil. They are frequent travelers and one of their favorite destinations is Las Vegas. When looking for evil and magic there’s no better place to go then Sin City. However, there’s no Gryphon service available so you have to take a plane. For this, our warlocks prefer the No Hassle Miles Rewards Card from Capital One. It offers 1.25 points for every dollar spent, no blackout dates, limits, expirations dates or other restrictions, and can be redeemed with any airline. It also offers 24-hour emergency assistance which can come in handy in the World of Warcraft.

Warrior

Warrior

Warriors don’t mess around. They’re all about one thing; combat. As such they insist on having the best armor and weapons — nothing less will do. That’s why they choose the Amazon Platinum Visa Card. This choice may not seem obvious at first, but when away from home where else will you be able to find a large selection of shields, swords, bows, maces and helms? With the added savings this card provides you when shopping at Amazon, the prices are much better than anything you’ll find at the auction house.

Warcraft Credit CardWe hope we have helped all of our visitors who live in the fantasy World of Warcraft. Those who live in the real world but have been known to frequent WoW on occassion, may be interested in the World of Warcraft Visa. It offers rewards that can be redeemed for free months of WoW and comes in 13 incredible designs.

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Did You Know You’re Paying for State Workers Diamond Rings and Hawaii Hotel Rooms?

After an audit on state-agency credit card usage was performed last week, you might be even angrier knowing what your tax money is paying for.  In 2006, there was over $300 million in credit card purchases made by the credit cards issued to state agencies.

How do you feel about your taxes paying for diamond rings…  a pricey Hawaii hotel room…  Walmart gift cards.. and thousands of dollars in miscellaneous purchases?

Apparently, there are credit cards in desk drawers in just about every state agency; and there is very little supervisor review taking place to ensure that the purchases made to the cards are legitimate.  The audit turned up an interesting piece of information for many state agencies.  It seems the credit cards are being issued to the “departments” rather than individual people- which means anyone can use the card to make purchases!  It makes it almost impossible to track down who used the card to make purchases.    The audit also discovered that a particular employee at Georgia Tech University had not submitted a credit card statement or receipts for the use of the credit card in over a year and a half- and was never asked for them by supervisors.  In that particular case, over $40,000 had been charged to the credit card!   As if that isn’t scary enough- when auditors questioned the purchases, the employee found a supervisor to approve the charges after-the-fact (likely never checking to see what they were!)

So when your taxes continue to go up year after year- it could be related to the amount of state workers helping themselves to the department-issued credit cards.

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Possible Changes in Where Card Details Are Stored

How often have you received a letter that says you “may be the victim of possible credit card fraud”? I know I’ve received at least 3 letters from different companies that made me wonder if I would have to deal with unauthorized charges on my accounts… turns out I was not the victim, but had to be notified each time because a companies database of information was compromised: meaning somebody got access to account information that could have led to some unhappy customers.

The National Retail federation is working to change the way that retailers interact with credit cards- because of the ineffectiveness of protecting credit card information. Right now, retailers have to keep credit card information of customers on file- until it is confirmed that there won’t be any returns or chargebacks of those purchases. Credit card companies insist that retailers store the information- and of course, criminals want credit card information and do everything they can to hack into these databases (and often succeed).

So basically, the proposal is that the credit card companies be the ones to keep the information securely- and that way, there will be just a handful of databases containing the information rather than millions of store merchants each containing their own databases of credit card information.

I’m interested to see what comes of this retail group’s campaign.

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Why All Merchants Should Take Plastic

If you have a business, your sales can be greatly improved by taking credit card payments. One shopper recently related her attempt to patronize a restaurant up in Indiana, only to find that they didn’t accept credit cards. This restaurant was part of a major chain, so she found their policy rather surprising. Instead of searching for an ATM, she went to the restaurant next door. (They took plastic.)

It’s true: Shoppers want convenience. If merchants don’t offer that, shoppers will take their business to someone who does. More people prefer to carry credit cards than checks or even cash. Not swiping those cards can cost merchants big. The business world is incredibly competitive. To keep one’s customers from going next door, businesses need to keep up with the competition.

The good news is that credit card companies have to compete for business, too. More competition means declining merchant fees. Revolutionary new products have been unveiled, and low-fee money exchange programs, like Paypal, make credit card shopping convenient for both buyers and sellers. As new products emerge, it will be more economic than ever to accept credit card payments. Soon, there won’t be any good excuses left for refusing the plastic.

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Shop ‘Til You (Virtually) Drop

Virtual credit cards offer a new way to avoid those dreaded holiday shopping hassles.
Virtual credit cards, which can obtained from most major card companies, provide extra security for online purchases. These virtual cards are lauded for the extra security they provide, and their main claim to fame is the virtual card number issued to cardholders. These single-use card numbers change from store to store as you do business online. No banking information is disclosed. All told, these features work to make the cards less appealing to hackers and would-be identity thieves.

With so many shoppers looking online for holiday gifts, virtual credit cards have seen a boom in business. They act as prepaid cards, which some people find helpful when trying to stick to a holiday budget. Those who use virtual cards have complete control over their holiday spending, and don’t have to face the common headaches of unpaid credit card bills and mounting interest.

As always, do your homework to find the right virtual card for you. They’re not created equal. And don’t expect to use virtual cards to reserve rooms or flights; with numbers that expire in four to eight weeks, the card might be useless before you even reach your destination.

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