LowCards.com Weekly Credit Card Update–June 28, 2013
Could You Live Without a Credit Card?
Young people are not applying for credit cards like they have in previous eras. According to a study, 29 percent of respondents ages 18 years old or older poll said they did not own a credit card–around a 10 percent jump from the number of respondents who reported having no credit cards in 2009. For many people, saying goodbye to credit cards helps them stay out of debt and take more control of their finances. Credit cards also alter a consumer’s mindset when contemplating a purchase. A 2012 study published in the Journal of Consumer Research found shoppers who charge an item to their credit card focus on the benefits of the purchase, while those who pay cash focus on the cost. Story by Daniel Bortz for U.S. News.
Frequent Flier Rewards Go Way Beyond Flights
It’s been over 30 years since American Airlines launched the world’s first frequent-flier loyalty program. Now, airlines are increasingly offering their frequent fliers alternatives to a free trip, from one-of-a-kind experiences that travelers can bid on using miles instead of cash through online auctions, to upscale electronics to the ability to use miles for smaller perks, such as downloading music or paying your credit card’s annual fee. Story by Charisse Jones for USA Today.
Cyber Attacks Targeting Card Numbers on the Rise
Every time we swipe a piece of plastic at a gas station or anywhere else, we’re vulnerable to virtual pickpockets. Increasingly, credit and debit card numbers have become commodities sold by cyber thieves who harvest them from banks, businesses, restaurants and retailers. Last year, targeted attacks on businesses jumped 42 percent. The Payment Card Industry’s guidelines require retailers who accept credit and debit cards to maintain a computer network firewall, employ tough passwords and take other precautions. Retailers who don’t comply face fines of up to $100,000 per month and can be held financially responsible for fraud investigations and compensation to victims. Story by Claudia Buck for the Sacramento Bee.
Just Graduated? Don’t Make the Same Financial Mistakes I Did
It’s nice to graduate, join the real world and make your own decisions, including how to spend your money. Just be careful with that freedom. When I first graduated and got a job, I admittedly was not very smart with my money. I applied for too many credit cards. I don’t want to see the same thing happen to all of you. I decided to put together some tips that I wish I knew when I started my first job. Story by Jack Ryder for Simple Thrifty Living.
Are RFID Credit Cards Safe?
RFID stands for radio frequency identification, and it is becoming a popular addition to modern day credit cards. These “smart cards” are supposed to be more convenient than traditional credit cards because you do not have to swipe them to use them. All you do is brush them up next to a credit card reader, and it processes your payment request. While these cards may seem convenient, they can also be easily compromised. So it is important to protect yourself if you decide to use a card that has RFID. Story by Bill Hardekopf for LowCards.com.
Things You Can’t Charge on a Credit Card
Remember when Visa used to advertise “it’s everywhere you want to be?” Turns out that’s not always the case. A new report lists several places your credit card may be denied. Story by John Matarese for ABC News.
Credit Cards Aren’t All Bad
Almost every household in America has at least one credit card. Those rectangular pieces of plastic can make it too easy to overspend and rack up significant interest charges. Thanks to a “buy now, figure out how to pay for it later” attitude, the nation’s total credit card debt has reached $850 billion. Still, credit cards can be very useful. Here is a look at how credit cards can benefit you. Story by Andrew Housser for Fox.
LowCards.com Weekly Credit Card Rate Report
Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.32 percent, slightly above last week’s average of 14.30 percent. Six months ago, the average was 14.32 percent. One year ago, the average was 14.30 percent.