Consumers who use their credit cards for online shopping purposes have been told to be careful when purchasing items from websites.
More and more people partake in internet shopping and it is generally very safe, but Police Credit Union marketing manager Christie Brock told Your Mortgage there are still people out to make a living from scams.
She believes anyone who has concerns over the legitimacy of a particular website should type the firms name into Google and do some background research.
“Check what information the seller is collecting from you and how they plan on using it, as they may be looking to [sell it on],” Ms Brock told the publication.
Online shoppers have also been urged to avoid making purchases using shared computers, especially in public places, as other users may get hold of credit card details.
According to Money Matters, credit and debit card fraud has tripled in the last three years in Australia.
The Mortgage Bankers Association released a quarterly performance report in late June that gives great insight into what’s happening in the world of mortgage loans. In a Time article, it pointed out one of the more striking numbers: “46 percent of all loans written in the first quarter were to borrowers with credit scores over 750.”
It was only 29 percent in the third quarter of 2008, which is when Lehman Brothers crashed and burned. But Time notes that it hasn’t risen due to the fact that consumers have better credit; it’s because lending has tightened and it’s harder for just anyone to get approved.
For those who already have a decent credit score and pay their bills on time, Time offers these suggestions for building up an even better credit score: 
1.
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Credit card customers are unlikely to be invited to increase their credit card limits after the government ruled that banks will be fined $220,000 each time they make such an offer.
The move was criticised by the Australian Bankers Association, the chief executive of which Steven Munchenberg said the law goes “way over the top”, reports the Australian.
Under the new legislation, banks are also prevented from allowing consumers to borrow more than ten per cent above their existing credit limit.
However, Mr Munchenberg warned that if banks are restricted in offering Aussies the chance to extend the limits on their credit cards, there could be a surge in the number of people considering illegitimate forms of borrowing, such as loan sharks.
“The banks are going to be a lot warier about lending to them and there is a danger people will be forced into an unregulated market,” he stated.
Last month, Karen Cox, coordinator of the Consumer Credit Legal Centre told the Age that the new laws might tempt people to compare credit cards and get new plastic to ensure they are covered by the legislation.
Since early May, the Chase Sapphire Preferred Card has been offering a 50,000 point sign up bonus worth $500 to $625 and the standard, no annual fee Chase Sapphire Card has been offering a 25,000 point bonus worth $250. Having spent over seven years in the credit card industry, I can say without equivocation that these are the best credit card deals I have ever encountered.
It goes without saying that the massive sign-up bonuses are a big reason I love these Chase Sapphire offers. However, frequent flyer credit cards have long offered deals like this. What sets these offers apart is the quality and ease of use the Chase Ultimate Rewards program provides. Rather than simply praise the program, I logged into my Chase account and looked at some things a person can get by redeeming Sapphire Card sign-up bonuses. Read more…
The Mortgage Bankers Association released a quarterly performance report in late June that gives great insight into what’s happening in the world of mortgage loans. In a Time article, it pointed out one of the more striking numbers: “46 percent of all loans written in the first quarter were to borrowers with credit scores over 750.”
It was only 29 percent in the third quarter of 2008, which is when Lehman Brothers crashed and burned. But Time notes that it hasn’t risen due to the fact that consumers have better credit; it’s because lending has tightened and it’s harder for just anyone to get approved.
For those who already have a decent credit score and pay their bills on time, Time offers these suggestions for building up an even better credit score: 
1.
Read more…
The Office of Fair Trading has outlawed the rip-off fees on plastic cards. Companies have been served notices by the OFT and have been asked to change these misleading practices in credit card and debit card fees. But that will not help in changing things overnight as companies will keep dragging their feet for some time in order to ensure that they earn enough profits before they are made to comply with the rules.
As of now, the OFT is also trying to push for fresh laws to stop companies from charging customers who use debit cards to purchase goods and services. However, as we have seen in the past, any new legislation will take a lifetime before it reaches the statute books and that too only after the OFT’s proposal gains support in parliament.
The announcement made by the OFT has helped in bringing about some cheer for consumers who have been ripped off with extra fees. B
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One in ten Australians applying for credit cards or other financial products have deliberately given incorrect information to their bank, new figures show.
Data from Veda Advantage revealed that 21 per cent had also asserted that they were struggling with their debt load.
Those who find themselves in need of new plastic may find their best option is to go online to compare credit cards to ensure they get the one most suited to their needs.
Angus Luffman, head of consumer risk at Veda Advantage, commented: “These figures reveal a concerning trend, and provide a call to action for government to expedite the adoption of a comprehensive or positive reporting system.”
He observed that the nations credit reporting system is behind that of other developed countries, adding that more Aussies are likely to “succumb to debt pressure” if steps are not taken.
Last month, the government passed laws to protect consumers in which banks were banned from sending out unsolicited messages offering credit extensions.
Saving money and credit cards are words that typically don’t belong in the same sentence. For many of us, myself included, abusing credit cards has led to financial headaches. I, for example, found myself buried in nearly $20,000 of credit card debt soon after graduating college. I’ll never forget the fear I felt when opening credit card statements back then; it was a stark reminder that I was so broke it would take winning the lottery just to get back to even.
Eventually, I worked my way out of credit card debt. It took a lot of time and meant giving up on everything from eating out to travelling. But once I was in the clear, I learned how to turn credit cards from a financial black-hole into a tool to save money. Her
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Better regulations regarding privacy breach notification is needed to ensure the credit card details of consumers remain safe, it has been claimed.
Craig Scroggie, Australian security chief at Symantec, told the Sydney Morning Herald that organisations should be required to notify individuals immediately if there is a leak.
A particularly high profile case recently occurred when a hacker stole personal data belonging to millions of PlayStation customers.
Sony came under fire by some critics after it reportedly waited for up to a week to tell customers of the incident.
Mr Scroggie said: “[Organisations] should be required to notify the individual and should be required to take remedial action and notify the government and the individual of the action taken.”
His comments come after he revealed that his credit card details were leaked by a restaurant in Melbourne.
