Credit Card Blog

The soaring cost of health care is a hot-button issue in modern America. To address this, many credit cards are now offering health care rewards. The reward points on these credit cards can be used to purchase medical supplies, cover co-pay expenses, or earn discounts on prescriptions. Some cards offer discounts on preventative health merchandise, such as blood pressure and heart monitors, and even scales and exercise and fitness equipment.

The Citi Professional card gives cardholders a 10-60% discount on prescriptions at thousands of pharmacies nationwide. The Target store card offers a coupon for 10% off shopping day after you purchase 10 prescriptions at their pharmacy. Bank of America offers a card that makes health care more affordable for Aetna customers. Like other types of reward cards, the incentives vary. Always read the terms and conditions carefully before signing a contract.

Is there a catch? Sort of. These reward cards will cost you big if you make a late or partial payment. If you decide to use one, stay on top of your debt and pay off your balance as quickly as possible. If you make late payments, a spike in your interest rate will eat up the savings you’ve previously enjoyed.

The bottom line: if you spend a lot of money on health care expenses, a health care reward card could be right for you. If you don’t require much medical attention beyond routine check-ups, you might be better off paying cash.

It’s a tough time for lots of Americans right now. The credit crisis might be on its way out, but it has left plenty of victims in its wake. People who lost their jobs and their homes often turned to credit cards to make ends meet. Now they find themselves with a pile of debt. What is the best way to reduce credit card debt in such circumstances?

First, they should stop using their credit cards except in emergency situations. The goal is to pay off the cards, or at least pay them down. Charging unnecessary expenses won’t help. Instead, put as much money as possible toward paying off the card’s balance. Avoid minimum payments – they won’t get you anywhere. Instead, cut back on other expenses so that you can put as much money as possible toward paying off those card balances.

Next, card holders should focus on paying off their cards with the highest interest rates. This might require some sacrifices for a while, but it’s worth it. You don’t want 20-30% interest rates to drain your income. Pay off the balance on high-interest cards, and then cancel them. If you want to open a new account, shop around for cards that offer a good deal and reasonable interest rates.

Finally, if paying off isn’t an option, card holders can consider transferring their balance from a high-interest card to a low or no-interest credit card. The 0% interest phase on the cards can last from three months to a year. If you can pay off your balance in that time period, a no-interest card is a great way to put all your cash toward the principal of your debt rather than the interest.

RedBox is like a gumball machine for DVD rentals.  It’s one of the newer inventions that allow people to rent a DVD for $1 a night.  They’re found inside grocery stores and other retail areas.  People who want to rent a movie simply swipe their credit card, make a selection and out comes the DVD.  You can also order your DVD online and pick it up at any RedBox location.  When you’re done with the movie, you just return it to any RedBox location- not necessarily the one you rented it from.

Recently, RedBox announced the discovery of an illegal credit card skimmer attached to one of their RedBox locations, as well as several other locations that appeared to show attempts of skimming.  The skimmer is a unit that a criminal has installed so that when a consumer swipes their credit card, the card details are transmitted not only to the company you are making a purchase from; but also to the criminal who has intercepted the card details.  The skimmer on the RedBox found was immediately removed and reported on the RedBox company website so that individuals could check their records and make sure they hadn’t been victimized.

While super convenient, our credit card security is still a little less secure than we’d like for things like vending machine credit card acceptance.  If you use RedBox, here are the reported locations of the skimming and attempted skimmings:

- 1101 South Rural Road, Tempe, AZ (device removed before retrieval by perpetrator)
- 1620 El Paseo Road, Las Cruces, NM (evidence of skimming attempt)
- 2330 East Lohman Avenue, Las Cruces, NM (evidence of skimming attempt)