Welcome to the first edition of the Carnival of Credit Cards and Saving Money. A lot of great bloggers sent in submissions and I’ve chosen what I consider to be some very good articles that focus on saving money.
Here are my favorites, including a few from Smart Balance Transfers:
Mike Piper wrote an interesting discussion of The Best Places to Retire at The Oblivious Investor. Its a great starting point for baby boomers thinking about retiring abroad.
Ryan @ MFN wrote a good article on the Benefits of Consolidating Financial Accounts at The Military Wallet. While it may take a little time in the short term to move money around and close accounts out, Ryan makes some very good points on the longer term benefits.
At Smart Balance Transfers, I put together some ideas to consider when tring to find the The Best 0% Balance Transfer Credit Card for You. The
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An individual’s credit score is a number that ranges from 850 (perfect) to 300 (very poor) and is used by financial institutions to judge the level of risk of a borrower. Lending institutions use credit scores to determine interest rates and credit limits for a borrower. A borrower’s credit score is based on a number of factors within a credit report. By far, the most popular credit score is FICO, which is determined by the Fair Isaac Corporation. The three major American credit reporting agencies (Equifax, Experian and Trans Union) all use variations on this scoring formula under different names, the best-known of which are the Beacon score and the Emperica score.
Determinants of a FICO Score –
• On time (or late) payment of financial obligations and debts – 35%
• Ratio of current revolving debt (ex: credit card balances) to the total available revolving credit (ex: credit limits) – 30%
• Length of time of credit history — 15%
• Types of credit used (installment, revolving) –10%
• Credit levels obtained in past – 10%
(Note: Current income and employment history do not influence a FICO score. Other factors can affect
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Banks have seen a positive sign this July as they saw fewer delinquencies than expected. Majority of the Americans have made their credit card payments on time in July bringing the steep drop in delinquencies which are the lowest this year. Analysts however point out that though the delinquencies have dropped, the consumer spending may be unaffected by it.
Moshe Orenbuch, analyst at Credit Suisse said that delinquencies get worse seasonally which is usually around the second half of the year. So the delinquency numbers seen currently are certainly a positive sign and are better than expected.
Substantiating this fact is the news that fewer loans were written off by major banks in July which include Bank of America Corp, Citigroup Inc, American Express Co and JP Morgan Chase & Co.
As per the analysts view, the delinquencies are lesser in number as long as consumers receive their tax-refunds that contributes to clearing off their debts.
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I read an article on CNN.com this week about how President Obama is beginning to lose some of his clout and the magical mojo that surrounded him pre-election. He ran on a platform of change, and while he has fought to reform everything from health care to Wall Street in his two years as president, his ratings have fallen and continue to slide. It seems this is due to a combination of him inheriting a terrible economy and two controversial wars, in addition to starting off with many ambitious goals. 
Although Obama has made progress on some fronts, the polls show that many Americans seem to think it’s just not enough. It can take years to change major systems that have been in place for decades, but Americans ready for change want it now. They’re ready for the benefits from tax cuts, better health care, more jobs and so on. Read more…
Once you decide that a 0% balance transfer is the right financial move for you, it is important to think about how you manage your credit card debt and realistically examine your financial situation before you select a 0% balance transfer credit card. By taking a few moments to think about how you will handle paying off your credit card, you can save yourself some extra money and get yourself on track to be credit card debt free. Here are key questions you should ask yourself before choosing a balance transfer card:
How long do I need to repay my balance transfer?
While this may seem like an easy question, it is vitally important to realistically consider how much you will be able to pay each month. If, for example, you have $5,000 of credit card debt and know you can afford to pay $400 a month, then getting a balance transfer card with a 0% for 12 months should be sufficient. Th
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Have you ever heard of a virtual credit card? Most people haven’t, but they might be of use to you, especially if you do a good deal of shopping online. If you’ve ever been concerned about buying things on the Internet, it may be possible for you to better protect yourself by using a virtual credit card. If you’re interested in the virtues of going virtual, then read on to learn all about how virtual credit cards work.
A virtual credit card is basically software that allows you to select a one-time “virtual” credit card number for each purchase that you make on the Internet. This means that if this number is stolen, the number can’t be used to make another purchase, or to track information back to you. In other words, scammers and hackers will be unable to rip you off with a virtual credit card.
Virtual credit cards are also helpful to use for free offers that require a credit card or have recurring payment cycles that you’re not sure about. If you think
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Banking facilties for farmers are going to see a facelift. It is most likely that both small and big farmers will get plastic smart cards. These cards can also be used in ATMs, POS terminals for withdrawing cash as well as making payments.
Indian Banks’ Association has been asked by the finance ministry to design a plan in this regard which can convert more than 53 lakh kisan credit cards in circulation to smart cards. The cards can then be used as normal credit cards.
Kisan credit cards refer to the conventional passbooks which are issued to the customer by public sector banks having all loan details on which credit and debit entries are regularly updated.
“We have asked IBA to look into the issue of converting KCCs into technology-enabled smart cards that would facilitate easier banking transactions by the farming community whether through ATMs, merchant outlets or banking correspondents in villages,” a finance ministry official said.
All security features also need to be incorporated in these smart cards so that they dont get misused by anybody.
“This is an issue that needs to be looked into.
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With merchants complaining about bank and credit card companies charging them with 2 percent of a consumer or credit card holder’s total amount of purchase, shoppers are asking more about the idea of interchange fees. Here are two things that credit card holders must know to understand who else are affected by the dynamics of the credit card system:
1) The research and advisory firm Aite Group’s senior analyst Ron Shevlin said that fees collected from merchants by the bank or credit card companies are justified. The argument is that having a credit card is a service done by the banks for both the benefits of the holders and the merchants receiving payment via the plastic.
The credit card system, adds Ron has costs in order to work efficiently. The cost
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