Friday December 4, 2009
The founder of Twitter has a new startup - a new iPhone app and external device that will allow anyone to accept credit card payments. The technology, called Squares, is a handheld device that plugs into the headphone jack of an iPhone or iPod touch. A person could swipe their credit card through the device and using an iPhone app, also named Squares, pay you money.
I wouldn't buy it or let anyone swipe my credit card through it, despite the report that no credit card information is stored on the iPhone. It's too close to credit card skimming. Would you use it? -LA Times
This week's credit and debt news:
Wednesday December 2, 2009
In most cases, it's better to use cash to shop with rather than credit cards. This is especially true during the holidays when you're more likely to overspend buying gifts for your loved ones.
If for no other reason, you should avoid using your credit card during the holidays to avoid extra credit card debt. But, if that's not reason enough for you, get six more reasons in 7 Reasons to Avoid Using Your Credit Card for Holiday Shopping.
How do you avoid holiday credit card debt? Share your tips with other readers.
Monday November 30, 2009
According to Washington Post, Bank of America is sending cardholders letters detailing their credit card terms. The letter will explain some of the most costly aspects of the credit card like the interest rates and fees. Not all aspects of the credit card agreements are included in the letter.
This letter is not a requirement from the Federal government. Bank of America is doing it on their own. Your other credit card issuers may not follow suit. If you're curious about your credit card terms on your non-BoA credit card, you check out your credit card agreement. (Unfortunately, credit card agreements are sometimes difficult to understand and may not make your credit card terms any clearer.) A recent copy of your billing statement will also contain some (but not all) information about your credit card terms.
Starting next February, all credit card issuers will be required to disclose important information in your monthly billing statement. When the Credit CARD Act goes into effect, billing statements must include detailed warnings of making minimum only payments and late payment penalties.
Related Articles:
Saturday November 28, 2009
If you're over 18, or under 18 and using credit, you should check your credit report at least once a year. Since you're able to get one free copy of your credit report from each of the credit bureaus each year, there's no reason you shouldn't check your report annually.
Other than annual financial maintenance, there are some other key times you should check your credit report, like before you apply for a mortgage. Checking your credit report at these crucial times can help save you from the embarrassment of being turned down for credit.
More on Credit Reports
