Monday Money suspended
Friday, March 26th, 2010We have suspended our Monday Money feature at this time. However, current rate information can still be found on our home page at:
Thanks.
We have suspended our Monday Money feature at this time. However, current rate information can still be found on our home page at:
Thanks.
The fact that banks have gotten a bit erratic with their credit policies is causing one well know financial advisor to completely change her advice. Suze Orman does a complete 180 and now says people should build an emergency fund before paying off credit cards. She advises this because “the sad reality is that the credit card industry is taking actions to protect themselves with no regard to your needs or how good you have been in paying your bills on time.” The article about her change in advice can be found here.
We have written about the situation here and here.
See:
http://finance.yahoo.com/news/Suze-Orman-and-the-New-Rules-usnews-14847657.html
http://moneycafe.com/blog/2008/12/credit-line-reductions/
http://moneycafe.com/blog/2009/03/another-round-of-credit-line-reductions/
We previously mentioned American Express was paying some customers to go away. According to SmartMoney.com, while American Express and others are using carrots to get rid of customers others are using sticks. Apparently, Citibank is encouraging its debtors to make larger payments by giving a little bonus for certain customers who pay more than the minimum payment. And Chase seems to have taken a different approach, charging an extra fee for customers who maintain high balances.
If you have gotten a carrot or a stick from your credit card issuer, please share the details in the comments below for the benefit of our community.
See:
http://moneycafe.com/blog/2009/02/american-express-paying-customers-to-go-away/
http://finance.yahoo.com/banking-budgeting/article/106646/Card-Issuers:-How-Can-We-Make-You-Go-Away
Just in time for the end of tax season while there is still time to open an IRA, E*Trade has a promotion running for opening a new IRA account and getting 100 free trades. Some of the fine print on the offer says that customers must agree to electronic delivery of statements and confirmations. E*Trade will credit the account for commissions paid during the first 30 days on up to 100 trades. Active traders could save a bit of money.
Click below for more information.
American Express came up with a unique way to get rid of certain customers they no longer want - pay them to go away. According to the company, select customers can get up to $300 to close their accounts.
We are guessing it’s for delinquent accounts. But maybe they are preemptively going after certain credit profiles that aren’t yet delinquent. If you have received the offer, let us know your situation by posting a comment. Feel free to post anonymously.
See:
http://www.usatoday.com/money/industries/banking/2009-02-23-amex-close-accounts_N.htm
Mint.com has a new iPhone App which allows the user to check account balances from anywhere. Mint.com and the iPhone App are completely free services. This is yet another great services that frees us from the desktop. Using your iPhone, you can monitor your checking, savings and credit card accounts; review your budget; and monitor investment performance.
It has been reported that Quicken.com will also release an iPhone App later this quarter.
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