Which Credit Card Personality Are You?

When we talk about credit card usage we find different people managing it in a different way. Some people are highly disciplined and never default on their monthly installments and others are so messy that they are always on the top of the defaulter list. Managing finance is a complex task and it's very easy to fall into a debt trap if you misuse the power of free credit. Credit card provides you the power but it never suggests that this power is unlimited. You have to pay the dues back at the end of the free credit period but somehow the human mind doesn't listen. To avoid getting into trouble in future it's advisable to understand your credit personality and choose the credit card which suits you the best. Credit card companies provide credit cards with different features like different interest rate, different reward structure, different credit limits etc. If you understand the way you deal with credit it gets easier to choose the best combination for you. Let's see what kinds of credit personalities exist and what card they should opt for.

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UPDATE 2-US judge won't end credit card antitrust case

Feb 8 (Reuters) - A federal judge refused to dismiss an antitrust lawsuit accusing Citigroup Inc and Discover Financial Services of conspiring to force credit card holders to agree to mandatory arbitration clauses in their cardholder agreements, and refusing to issue cards to people who did not agree.

Citigroup and Discover are the final defendants facing claims over arbitration clauses in the decade-old, nationwide case overseen by U.S. District Judge William Pauley in Manhattan.

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Scam watch: Credit cards, auto repairs, phone cards

Here is a roundup of alleged cons, frauds and schemes to watch out for.

Credit cards – At the request of the Federal Trade Commission, a federal judge has halted a telemarketing campaign that allegedly sold bogus credit cards and drained money from victims’ bank accounts. Operating as Platinum Trust Card and Express Platinum Card, the businesses offered credit cards with a limit of up to $9,500 for an advance fee of $99 and a monthly charge of $19. The company said the cards could be used at any business that accepted Visa or MasterCard, but they actually could only be used at an online store the business promoted.

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Credit cards drive household debt

Credit card debt is poised to reach a new peak as Koreans are trying to cope with stagnant wages and fund the rising cost of living, official figures show.

Household credit card spending, including transactions, loans and cash withdrawals, topped 540 trillion won (about $478 billion) in 2011, according to estimates by the Bank of Korea (BOK) and the Credit Finance Association.

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Credit Card Processing: Don’t Be Seduced by Teaser Rates

In "Durbin Amendment May Foster Deceptive Credit, Debit Processing Fees," my June 2011 article, I predicted an abundance of deceptive sales and marketing tactics by some merchant account providers as a result of the Durbin Amendment, which lowers the interchange rate for many debit card transactions. Well, I have never seen more deception and trickery in the industry than I’m seeing now.

Beware of Teaser Rates

Unknowing merchants are seduced by teaser rates every day. Teaser rates are not new to the card processing industry. They have just become more absurd. I have seen marketing materials promising processing for as low as 0.39 percent. That is not 0.39 percent over interchange and pass-through fees.

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Credit cards: When in a hole, stop digging

Here's my situation. I am single (divorced) and 61. I have a decent-paying job but plan to work only about three to five more years. I have saved about $150,000 in my 401(k) account. I have a small pension (about $400 a month) with a prior retirement plan.

Here's my problem: Over time, I have stupidly and carelessly maxed out three high-interest credit cards. I have a combined credit card debt of about $40,000. I have a monthly mortgage of $1,850. I have a car that's paid for, but I have no emergency savings. Although I clear about $5,200 a month at my job, I find that I routinely pay minimum payments on my credit cards. This is causing me enormous stress.

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Citibank credit card defaults rise sharply in November, rate of late payments edges higher

NEW YORK — Citibank on Thursday reported a significant jump in the rate its customers defaulted on credit cards in November and said late payments also rose.

The rates for both measures for the credit card division of New York-based Citigroup Inc. remain well below where they were a year ago.

DEFAULT: Citibank wrote off 6.36 percent of balances on an annualized basis in November. That was up from 5.66 percent of balances in October. The rate remains much lower than the 9. 4 percent charge-off rate of November last year, however.

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