SavvySugar

Ask a Savvy Bride: My Engagement Is Wreaking Havoc on My Credit Card

SavvySugar — Sun, 05 Jun 2011 00:15:41 PDT

Being engaged is a rare special occasion in life, so it's no wonder people go to great lengths to make it perfect. That need for perfection comes at a cost, and it's easy to get carried away. Your special wedding season Ask Savvy questions, like this one below, will be answered by SavvySugar and a very savvy bride. Submit your questions in our Ask Savvy group.

Dear Savvy,

I was two paychecks away from paying down my credit card in full and then to my pleasant surprise, my boyfriend popped the question! Ever since we've been engaged, I've had this unrelenting need to spend money. With so many events coming up, I want a new outfit (dress, shoes, bag, etc.) for every one! I keep telling myself that I should enjoy this time since it'll only happen once in my life, but I know that's just an excuse that won't pay the bills. I want to enjoy my engagement and look good doing it, but how can I do that without getting back into credit card debt?

Don't Want to Go Broke Betsy

To see what a savvy bride has to say about this keep reading after the jump.

Decoding the Numbers on Your Credit Card

Emily Co — Thu, 16 Dec 2010 08:00:06 PST

The Goldman Sachs and Stephen Colbert debacle reached a high Tuesday night when Colbert received a letter from the lawyers at the bank. Here's a refresher of the drama: one of Colbert's staff found the credit card of Buckley T. Ratchford, a partner at Goldman Sachs, which the comedian used to try and blackmail Ratchford to come on his show by threatening to reveal a digit of his credit card number every night. This is part of his effort to get someone from one of the big banks to come onto his show to talk about Wall Street and bonuses, something that Colbert has been trying to do, but with no success.

The Colbert Report

Mon - Thurs 11:30pm / 10:30c

Goldman Sachs Lawyers Want Buckley T. Ratchford's Card Back

www.colbertnation.com

Colbert Report Full Episodes

Political Humor & Satire Blog</a>

March to Keep Fear Alive

One of the funny highlights of the show was when Colbert reveals the first number of the card, a five, to which he says, "That's a good number. Indicates a high credit limit." Obviously it was a joke, but this made me wonder what what the first number of a credit card actually means. I found the answer on HowStuffWorks:

3: Travel or entertainment cards, like American Express and Diners club.
4: Visa, including Visa-branded debit and cash cards.
5: Mastercard and Mastercard-branded cards.
6: Discover card.

To satisfy your curiosity about what the rest of the digits mean, read on!

Cyber Monday Mania: Sales Raked In $1 Billion

Emily Co — Wed, 01 Dec 2010 12:10:13 PST

Seems like shoppers let loose on Cyber Monday sales! Many of you took advantage of the Thanksgiving web discounts, and the sales figures were telling - Americans spent a record of over $1 billion, which is now considered to be the biggest online shopping day of all time, according to Internet researcher comScore. An interesting fact: 48.9 percent of the orders were from work computers. I guess many of you did a good job of juggling work with online shopping!

It's so convenient to shop on the web, but a big drawback is that you don't get to see or try out the product in person. When the real thing arrives, it's not always what you expected. It's hard to return a sales item, but here are some tips and tricks to dealing with buys you’re disappointed with:

Read the Fine Print: Check out the company's return policy to see if you're eligible for exchanges or returns. You usually can't return a sales item, but you might be able to if the item arrives damaged. It doesn't hurt to call up customer service to try your luck. Sometimes the reps can be very accommodating if you explain your situation nicely.

For more tips, read after the jump.

Cyber Monday Geek Tip: Stick to One Credit Card

Kristy Korcz — Fri, 19 Nov 2010 07:30:07 PST

Not into the shopping madness of Black Friday? I don't blame you, but you shouldn't worry about missing out on any deals on electronics just because you want to skip the 4 a.m. wake-up call. Cyber Monday is quickly becoming the shopping holiday of choice for Internet-savvy geeks, and for good reason - you can score serious deals without ever leaving the comfort of your couch!

Making purchases online can be risky though, especially during the holidays, so you should be extra careful to make sure the site you're buying from is legit before you click that "Buy" button. But there's more - find out one easy way to help protect your finances this holiday after the break.

Web Shopper's Dilemma: Credit, Debit, or PayPal

Emily Co — Fri, 19 Nov 2010 06:00:37 PST

You're about to purchase that lovely dress you've been eyeing online, but when you're checking out, you face a dilemma - should you pay by credit, debit, or PayPal? It's the age-old question of online shopping, and the worry of having your identity stolen can eat at you. Turns out, if someone has used your account illegally, you're more like to get your money back with a credit card, because it offers the best legal protection for shoppers. The New York Times says:

“The strongest protections are when you pay by credit card,” says Carole Reynolds, a senior lawyer at the Federal Trade Commission. Under the Truth in Lending Act, consumers’ maximum liability for unauthorized use of their credit card is only $50, and when a card is used online, it’s zero.

The catch is, the refund of your money will go smoothly for all three if you report it immediately. In the case of debit cards, there's a law that protects consumers against identity theft, but the protection wanes off after a while. There are set deadlines of reporting fraud for debit cards, and if you miss it, you'll encounter a huge tangle when you're trying to get your money back. The same goes for PayPal, and according to the New York Times article, you'll have the hardest time getting your money back from PayPal. The lesson to learn in this is to always be on top of things during money transactions and carefully monitor any suspicious behavior. I'm curious, which method of payment do you prefer, and why?

Readers Were Right: Kardashian Kard Is Not a Great Idea

Emily Co — Thu, 18 Nov 2010 16:30:31 PST

When I first talked about the Kim Kardashian MasterCard aka the Kardashian Kard that debuted last week, 80 percent of you thought the idea was baffling. Turns out, SavvySugar readers have great instincts and were totally on the ball with this one. One of the biggest downsides to the prepaid debit card is that activating it will cost you $50 or $100. Another one is the endless list of fees that happen after activation: $8 monthly fee after a certain time period, $1.50 ATM withdrawal fee, $2 bill pay fee, $1 for adding money to the card, $1.50 to talk to a customer rep, and more.

TrèsSugar recently shared five secrets to Kim's success, and although no one can deny the reality star's influence in the media and fashion world, maybe she shouldn't dip her hands in the finance pot. I think reader Suzanne Leung made a valid point when she commented on the SavvySugar Facebook fan page saying, "Maybe it's just me, but an image of the Kardashians doesn't quite say 'fiscal responsibility' to me." The girls live decadent lifestyles - buying designer clothes, wearing expensive jewelry, and driving premium cars. I'm asking: do you think the Kardashians serve as good role models for managing personal finances?

3 Reasons to Love Credit Card Smartphones

Emily Co — Tue, 16 Nov 2010 12:30:25 PST

We've heard about credit cards becoming more high tech, with companies installing buttons on cards that will let you choose between using reward points or credit. A revelation yesterday by Google CEO Eric Schmidt spoke volumes about where credit card technology is heading - straight to your phones. Schmidt said the Near Field Communications chip in the yet-to-be released version of the Android will enable mobile payments and may very soon "replace your credit card."

This isn't much of a surprise because our cell phones are rapidly becoming almost essential to our lives. We can do practically anything on our phones, from finding our way with GPS to checking the weather and communicating with friends. Here are three pros to the credit card smartphone:

Lower Fraud Risk: When you're making a payment with your phone, you'll have to be there in person with your phone, according to Schmidt. There will also be more security obstacles to face when you're accessing your phone. For example, the traditional credit card does not require you to input a pin number to access it, but many people already program pin code access on their smartphones.

For more benefits of a credit card smartphone, read after the jump.

Website of the Day: Creditable

Kristy Korcz — Tue, 09 Nov 2010 09:30:32 PST

Got a mountain of credit card debt that seems too large to tackle? Let Creditable help you out. This website provides all the tools you need to pay off your credit cards, get organized, and boost your credit score. With personalized payment plans, credit card trackers, tips to keep your credit score healthy, and approval estimators that help you gauge if you'll be approved for a card before you actually apply (which keeps negative points off your credit score), it's your one stop shop for credit organization. Oh, and did I mention it's free to use? Free is good for any financial situation.

Do you have an interesting website you want to share? Join the Website of the Day group, and blog it for a chance to be featured on GeekSugar.

Extreme Makeover: Credit Cards Going High-Tech

Emily Co — Fri, 22 Oct 2010 12:50:59 PDT

Citibank credit cards are going to become more advanced next month, with their new high-tech makeover, according to The New York Times. Apparently, the new cards, named 2G, will have two buttons that let you choose how you want to pay for the purchase. One button allows you to pay with reward points while the other lets you pay with credit. The 2G cards will have little lights and a battery life of four years. Other types of electronic cards are popping up as well - one that will let you carry multiple accounts on a card and another that shows you part of your account number if you type in your pin. Do you think these new credit cards are a good idea, or are issuers just making things too complicated for users?

Mophie Gets Down to Business With New Case

GeekSugar — Fri, 27 Aug 2010 09:30:02 PDT

Good news small business owners - Mophie is making it easy for you to make like an Apple store employee and take payments from your handset. A partnership between Mophie and Intuit brings the Complete Credit Card Solution, an app and case combo that lets you take mobile credit card payments from customers anytime, anywhere.

Mobile payments are taking off, not only in the consumer space, but unhinging from a cash register allows small businesses to make money from festivals, fairs, and expos where they might have been limited to cash payments before. What's so great about this mobile payment set up, you ask? Find out my thoughts after the jump.