Following is a transcript of the video. Narrator: Credit card debt in the US hit $US870 billion at the end of 2018. That’s a record high. In fact, over half of Americans who own credit cards have debt on them. And part of what gets us into these debt holes are the tempting offers from credit card companies. Hidden fees and reward programs can trick customers into spending more than they otherwise might. Clip: Wow, look at all the signs. Narrator: And if that balance isn’t paid off in full, those rewards points aren’t going to be worth it in the end. Let’s start with the reward programs. They offer a variety of benefits, including airline miles, cash back, and points you can put towards shopping. This can be great for customers. I mean, who doesn’t like free stuff? And credit card companies can boost the rewards when you first sign up for the cards as an extra incentive. For example, the American Express Platinum card currently offers 60,000 reward points … [Read more...] about Sneaky ways credit card companies get you to spend more money
Credit card processing fees
Check your bank balance, Avril Rhoades in Valdez, Alaska. Freeze your credit, Nazaryah Minnieweather of Victorville, California. And cancel your credit card, Jennifer Kelly in LaGrange, Georgia. A gang of thieves was selling your card information on a public Facebook group, and anyone willing to pay as little as $4 for stolen credit card information could use it to buy, say, a $1,099 iPhone and you'd get the bill. (Facebook shut down the group when notified of its existence by The Washington Post.) While microchips in credit cards have sharply reduced fraud in transactions that take place in stores, mobile and online transactions have become the low-hanging fruit of criminal opportunity. … [Read more...] about Think your credit card is safe in your wallet? Think again.
provided by Published 3:00 pm CDT, Thursday, April 4, 2019 MoneyTips Wouldn't it be nice if you could deduct your credit card debt from your taxes? For most Americans, that's just a dream that will never come true. However, some circumstances allow you to deduct some credit card debt – all related to using your card for business purposes. The 2017 Tax Cuts and Jobs Act raised the standard deduction and eliminated or reduced certain itemized deductions as part of a tax simplification effort. It's critical for those who still itemize to take advantage of all possible deductions. Self-employed taxpayers and small business owners who rely heavily on credit cards may be able to save by taking advantage of credit-related deductions. Credit card debt on personal purchases is not tax-deductible, thanks to the 1986 Tax Reform Act. However, three varieties of business-related credit card debt may be deductible. Interest on credit card transactions used solely for business … [Read more...] about When Credit Card Debt Is Tax-Deductible
In his home country of Ecuador, Andres Mosquera felt pretty good about his finances. Mosquera, who has a master’s degree in business education, had two credit cards with a combined limit equal to around $20,000, and he never had any trouble paying them off. But around nine months ago, the 27-year-old moved to Long Island, New York, with his wife for a job in the insurance industry, and shortly after, they had their first child. Given his strong financial background in Ecuador, Mosquera figured it wouldn’t be too difficult to get a new credit card in the U.S. That turned out to not be the case. Like many new immigrants, Mosquera quickly learned that his financial track record in Ecuador would not help him in the U.S.; from the perspective of the banks he applied to in New York, he had no credit history. “It was like starting all over again,” he says. To start building credit, Mosquera could only qualify for secured cards, which came with limits of around $200 … [Read more...] about This new credit card helps build a credit score for people who don’t have one
PUBLISHED: 10:28 25 January 2019 Peter Sharkey The post-Christmas credit card bill could be arriving now for millions of people around the country. Picture: Getty Images Mark Bowden Older homeowners have a solution for credit card quandary, says our financial columnist Peter Sharkey. Unless you bank online, that worryingly dull thud you’ve heard frequently in the porch recently is, quite possibly, written confirmation of your festive season expenditure. If you happen to bank online, the same information is usually accompanied by a jolly ‘ding-dong’, though the detail attached to the incoming email is equally unwelcome. Yes, it’s that time again: mountains of credit card bills have started arriving in homes across the land, each detailing seasonal generosity in a series of glaring, unforgiving statements. Did you really buy that expensive [insert purchase details] item for [insert name] and receive just a bottle of cheap white wine … [Read more...] about How to solve your credit card anxieties