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Archive for August, 2009

Fraud Alert: Unauthorized Charges from PPC Flash

August 12, 2009 at 12:09 pm · Filed under Card Security

The Golden Rule in preventing credit card fraud is to keep a sharp eye on your monthly statements. Some thieves will take your card information and use it to fund a spending spree, while others will make small charges on thousands of victims’ cards.

The Better Business Bureau has reported that citizens in 9 states have received unauthorized charges from a company called ‘PPC Flash’. The average amount of the charges is $6 to $12 per transaction.

So far, the investigation is ongoing, and officials haven’t been able to locate the company behind the fraud. Scammers often make small charges to avoid alerting suspicion from either the cardholder or their issuing company.

If you find unauthorized charges from PPC Flash on your credit card statement, contact the Better Business Bureau and your state Attorney General’s office. Then contact your card company to dispute the charges.

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William Shatner Graces New Priceline Rewards Visa Card

August 12, 2009 at 11:15 am · Filed under Uncategorized

Trekkies and bargain hunters, rejoice! Now you can carry a credit card that features William Shatner in his best Priceline Negotiator combat stance.The new Priceline Rewards Visa Card shows Shatner getting ready to put a serious smack-down on high prices.

The Priceline Rewards Visa Card costs $29 annually. Card holders receive $50 or 5,000 points after they make their first purchase. After that, the rate is 1 reward point per $1 spent, plus additional rewards when shopping at priceline.com. Customers can also choose a category that will reward them with 2 points for every dollar spent. The choices are Utilities, Groceries, or Home Improvement.

There is also a no-fee card plan that gives slightly lower rewards. Both plans have a 0% APR on balance transfers for the first 9 months.

The Priceline Rewards Visa Card does offer good values, but its perks go beyond mere reward points. As Shatner said, “Any shopkeeper will tremble in fear of you, a true Negotiator, when you flash that card.”

And really, what more could you ask for?

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Using Credit Cards to Get What You Want

August 10, 2009 at 12:37 pm · Filed under News

Some consumers are cleaver in their efforts to work the system to get what they want. This is true in almost any part of life and has its practitioners in the credit card category as well.

The Trick- There are those who still have good credit and are using credit cards and rewards programs just to feed their desire for the “good life.” Recently a story was told of a couple who had very meager living quarters in their hometown, but kept up a high life of travel and living by using second-hand time share offers and obtaining credit cards with travel rewards to book flights between these most desirable locations.

Living Large - Since their living expenses in their hometown were so little, they could afford to pay for the time shares and resorts. Working the credit card rewards programs means that they often have multiple cards from the same creditor. Then, they would negotiate the annual fee down or work out additional travel points to their advantage.

Dangerous Consequences - Working a program like this is very dangerous because if you are not good at controlling your spending, you can get in over your head very quickly. Which brings us to the main issue in working with credit cards: controlling your habit of using the cards.

While some have put forth great efforts to use the system in order to get what they want, most other card holders are struggling just to make payments. The key thing to remember is to keep from putting yourself in a vulnerable position which you might regret later.

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What Will Become of GM Credit Cards?

August 8, 2009 at 1:55 pm · Filed under Credit Card Debt

It started with retail stores that went out of business, leaving cardholders to wonder if they still had to make credit card payments to a now-defunct chain. (They did.) Next came the closure of Advanta small business credit card accounts. Now, GM cardholders are in limbo. Will they still have a working credit card? Do they still need to make monthly credit card payments to the bankrupt auto giant? Will they still be able to earn points through the GM earnings program, which allows cardholders to accumulate points to put toward the purchase of vehicles?

Sadly, a lot of this information is still undecided. As of now, the GM credit cards can still be used. The earnings program is another matter; GM has asked the bankruptcy court to keep the program going, but it is uncertain whether or not the court will agree. If you’re a GM cardholder, keep making your monthly payments as usual. Keep using your card as usual. But don’t put too much faith in the earnings program. It might stay intact, or it might have its plug pulled by the court. We’ll just have to wait and see.

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Credit Cuts Hurt Consumers

August 8, 2009 at 8:49 am · Filed under News

Recent reports by Fair Isaac Co. (the company that invented the FICO credit rating) indicate that over 30 million credit card customers had their limits inexplicably cut in recent months.

In cases where negative activity has occurred on the account then reduction, or indeed cancellations, of credit limits is necessary but according to Craig Watts of Fair Isaac, “the vast majority of consumers who lost borrowing power appear to have done nothing to provoke the cut.” Many customers have seen a 14% reduction in their borrowing power during recent spate of credit culls and naturally one of the biggest fears for consumers is the affect on their credit scores.

Credit utilization is the determining factor in your overall FICO credit score and is calculated by comparing the amount of debt you have against the amount of credit available to you. A sudden reduction in your borrowing limit will inevitably cause an increase in your utilization score. The higher your score the more likely you are to be perceived as a risk which means this sudden rise in credit cuts could have serious long-term implications for borrowers.

If you want to become a better borrower and reduce the risk of having your credit limits slashed here are some quick tips to keep your FICO image clean:

Pay Bills on Time – It’s an obvious one but every late payment will have a negative ripple effect on your FICO score.

Keep Balances on Credit Cards Low – Owing high amounts on your card will cause your score to rocket. Make sure any revolving debt is kept to the smallest amount possible. Even better try to pay off any debts instead of transferring them.

Keep a Tally on Your Score – Checking your credit score through an authorized agency won’t affect your credit rating and it is the most affective way to improve. By seeing exactly what the credit companies see you’ll be able to better adjust your financial situation to enhance your image.

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Reality Bites Super-Hacker

August 4, 2009 at 8:50 am · Filed under Card Security

If you thought tales of espionage, double agents and multi-million dollar fraud operations were the stuff of movies then think again. In a plot more complicated than anything Danny Ocean or any of his thirteen cronies could dream up the super hacker, Albert Gonzalez, planned to pull off the biggest credit card information theft in history by stealing a staggering 130 million credit and debit card numbers.

Gonzalez dubbed his audacious scheme “Get Rich or Die Trying” and the 28 year old will certainly no doubt be praying the latter part of his prophecy doesn’t come true. The hacker is set to spend the next 35 years behind bars and faces a fine of $1 million.As if the plot wasn’t sensational enough, the web deviant was reportedly a former government informant advising them on security issue until he as found to be working as a double agent selling vital information to prominent hackers. If this wasn’t reality it would almost be too far fetched to believe but unlike many of the popular Hollywood movies it is unlikely that Gonzalez will see a happy ending.

For those of you who are worried about your financial security then here are some quick tips to prevent you falling foul to criminal like Gonzalez:

Be Vigilant – routinely check your credit card statements each month for any anomalies. The faster you can spot then and inform your credit company the better.

Save Receipts – Make it a standard practice to save all receipts from credit or debit card purchases. That way you can always back-up your claims.

Use Common Sense – Never give your card number out to strangers over the phone (the bank would never need to call you to ask your card number). Use ATMs at banks rather than convenience stores if possible (the security is likely to be better at the bank). Only shop on secure websites with the code “https” in the address bar.

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