Credit Card Solution

There have been quite a few commercials for Bank of America cash back credit cards lately, so I thought I’d do a quick review.

The “BankAmericard Cash Rewards™ Visa Signature® Card” has no annual fee and 0% APR for the first seven or 10 billing cycles on purchases and any balance transfer made within 60 days of opening the account.

There is a 4% balance transfer fee if you choose to transfer a balance, which is pretty much right in the middle of the industry standard 3-5%.

But obviously the biggest draw tied to this credit card is the cash back rewards program.

During the first six months following the opening of your account, you will earn 3% cash back on purchase transactions made at eligible gas, grocery and drug store merchants.

After that promotional period, you will earn 1% cash back on such purchases.

1% Cash Back Rewards, No Limit

On all other purchases, you will earn 1% cash back, which is their simple approach to cash rewards.

There is no limit to the amount of cash rewards you can earn, and you can redeem them when you’ve earned as little as $25.

Additionally, you will receive a 25% bonus when you redeem $300 or more in cash rewards, which is an incentive to wait.

You can also earn a $50 statement credit if you make any combination of purchases totaling at least $50 within the first 60 days the account is opened.

The cash back rewards can be credited to a checking or savings account, or mailed to you in the form of a check.

So if you spend $1000 a month on the card, or $12,000 annually, you’d earn $120 cash back plus a $50 bonus if applicable.

And potentially more if you used the credit card as gas stations, supermarkets and drugstores during the first three months.

It’s actually a pretty good deal if you aren’t a big spender, and if you hold out for the 25% bonus after earning at least $300.

But I still think the Blue Cash from American Express is the best cash back credit card for those who spend a bit more monthly, as it offers 1.25% cash back on all purchases and 5% cash back on gas/groceries/drugstores once you surpass $6,500 in spending annually.

For the special moviegoer in your life, you can now logon to www.REGmovies.com and instantly send electronic gift cards, good on movie tickets and concessions with no hidden fees that never expire! Once you place your order, Regal’s new “eGift Cards” arrive in minutes via email or on a specified delivery date with no shipping charges or service fees. Available in a variety of themed design options, you can also customize “eGift Cards” for each recipient with personalized messages and uploaded photos to add a special touch to the emailed gifts. One of the seasonal personalization options, for example, includes a holiday-themed “Joy to the Movies” gift card design, among many other decorative options throughout the year.

Low interest rates are the most common selling point used by credit card companies to solicit new clients. Having a low interest rate is certainly appealing, and preferable to having a high one. However, it’s important to remember that credit card companies primarily generate their profits not only from interest, but also from fees. Thus, if the company is not making a lot of money in one way, they may be compensating with the other, by charging unfair fees. The following are a few  commonly overlooked disadvantages associated with low interest credit cards.

Reading the Fine Print

Checking the card’s terms and conditions is imperative when applying for a card that supposedly offers some of the lowest rates around, because in most cases these amazing rates won’t last forever. While

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While it may appear to be good news that credit card defaults have dropped, it also means more consumers have been shut out of the loan market.

According to a recent report from Moody’s Investors Services, the number of accounts that were charged off in September dropped to 8.9 percent from 10.03 percent the month before.

Furthermore, the number of defaulted cards has dropped 2.6 percentage points when compared to August of last year.

This is despite the fact the country’s unemployment rate has been near double digits for more than a year. However, this may also be an indication that consumers with stressed credit profiles are no longer clients of credit card issuers.

“Borrowers with relatively weak credit profiles have been charged off over the past couple of years, while issuers have tightened underwriting standards,” said Jeffrey Hibbs, an analyst at Moody’s.

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