World of Finances

TransUnion, a national credit reporting agency, recently released findings that show an overwhelming number of people are paying their credit card bills on time and limiting how much they are charging.

It may come as a surprise that credit card delinquencies (defined as 90 days past dueor moreon a payment) are at the lowest level observed in the last 17 years. Given the difficult economic times and high percent of unemployment in the U.S., you may expect quite the oppositethat more people than ever would be having problems making credit card payments on time.

TransUnion also found that the average credit card debt per borrower has remained relatively flat at approximately $4,700. They found that consumers paid an estimated $72 billion more in payments than what was purchased between the first quarters of 2009 and 2010.

Full Article…

American Express Blue Cash Everyday(sm): Up to 3% Cashback, No Annual Fee, & $25 Sign-up Bonus

My primary credit card of choice is the American Express TrueEarnings Costco card. Its generous cash rewards program gives me about 2% cash back after all is said and done at the end of the year.

However, the one big downside to the Costco American Express is that you actually have to be a Costco member. Your annual Costco membership ($50) is automatically charged to your card every year. So, technically, if you own this card, you are a Costco member, whether you actually go there or not.

In my opinion, American Express is the best credit card company out there in terms of perks (Ill highlight some in this post). So what if you want an AmEx, but you dont care to be a Costco member or dont have the choice because there isnt one anywhere near you? Then the new American Express Blue Cash Everyday(sm) card is definitely worth a look.

American Express Blue Cash Everyday(sm) Cash Back Program

The Blue Cash Everyday(sm) card replaces American Expresss retired Blue Cash card.

Full Article…

American Express has claimed an impressive five out of 11 prizes in this year’s uSwitch Credit Card Customer Satisfaction Awards.

The firm, which slipped from top spot last year, has reclaimed its crown with 92 per cent of its customers happy with its overall service.

Jose Vazquez-Mendez, VP Customer Service UK, American Express, remarked: “Customer satisfaction has always been a top priority for American Express and it’s good to see that our Cardmembers are happy with the service we deliver them.”

He added: “However, it’s important that we do not rest on our laurels and that we build on this success so that our customers continue to receive the level of customer service expected of us as one of the largest card providers in the world.”

Founded in 1850, American Express is a global financial services company headquartered in New York City.

It is best known for its credit card, charge card, and traveller’s cheque businesses . Full Article…

Many of us today have a credit card and if you find one in your wallet, there’s a good chance that you’re going to use it.  Now, what happens if you fall down on hard times and you just can’t pay off your credit card bill?

Yes, there are going to be consequences, but like many people on this Earth, you’re going to have no idea what happens when you’re doing it for the first time.

To make things easy for you, I’ve compiled a simple list of things that are going to happen when you’re thinking about bailing on your credit card bills.  Obviously, why I don’t recommend it, you have to feed your kids before you pay the minimum on your card.

Interest rate will rise: Once you skip on your first payment, the credit card companies will more than likely jack up your rate.  Generally, they will give you 60 days to pay at first, but if you continue to do this, you’re going to see a significant rise in your interest rate.  This is something that you don’t want.

Minimum payment will get larger: Chances are that your minimum payment today is rather small.  It should be fairly affordable to pay at least the minimum.  By doing so, you will save your credit and keep the companies off your back.  With the new credit card ACT, you should be able to see right on your statement on how long it is going to take you to pay it off.

Getting phone calls: After about 60 days of non-payment, you’re going to get emails, phone calls, as well as letters in the mail.   Trust me, as long as your bill isn’t being paid, you’re going to get harassed by these people.  If you wait long enough, they will sell your debts to a third party.  This is something that you don’t want.

Credit score drops: This is an obvious one, but as your credit score drops, you’re going to have a harder time getting a loan, mortgage, or any other type of credit.  Every 30 days, you can count on a big drop regarding your score.

Garnish your wages: Every state is different in regards to this with their law, but you will find that if you don’t pay after a particular period, the company can dip into your paycheck and take out a certain percentage.

After about 6 months, you can count on your debt going to a debt collection company that is going to hassle you until the bill is paid.

If you can, always make sure that you can at least pay the minimum.  By doing so, you’re going to save yourself a lot of stress, as well as help your credit score.  As you can see, you probably don’t want to go down the “not paying” route, but rather stay on the “smarter route.”