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All Things Pondered Here

Pondering Many Things....

Credit

Accepting Credit Cards On Your Website

July 8, 2012 by Dave

I have found, through experience, that is best to offer as many different kinds of payment options as you can to your customers.   We do accept credit cards at our online store:  ToothyGrinsStore.com

There will be some customers who want to use paypal, some  google checkout and there are also those who will want to use a credit card.

As a merchant or seller it is your job to accommodate your customers to the best of your ability.

There Are Customers Who Want Pay By Credit Card

There seem to be people who will not view your site as legitimate unless you take credit cards.

There is actually some logic to this.

In order to accept credit cards, you need to have a credit worthy business in order to setup a merchant account which will initially be based upon your personal credit rating.

Which Credit Cards Should You Accept

You should accept as many kinds of credit cards as you can or that you find reasonable.

Some people love to use American Express, others love to use Discover.

Most people have a Visa or MasterCard, but often they prefer to use their Discover due to the cash back programs involved.

It has traditionally been more expensive to the Merchant to accept Discover card but that appears to be changing.

Credit Card Fraud

For online merchants it is particularly important to protect yourself against online fraud.

There are several ways to do this.

One of the best ways is to set up your system to require that the person puts in a security code.   This is the 3 or 4 digit number that each card has that is NOT part of the actually credit card number.

By requiring customers to put this number in you are protecting both them and yourself (as the merchant).   The security number helps to insure that the person has the actual credit card in their possession.

When you here of theft of credit card information, the thieves may have the actual number and expiration date of a card but they will NOT have the security number.  This means that if someone stole a credit card and tried to use it at your store to get free merchandise, they would have a hard time pulling that off without the security code.

Shipping Fraud

There has been a scam going on for quite a while where the scammers try to get you to agree to them using their own shipping provider.   In order for this scam to work, they have to place a large order or it would not make sense for someone to send their own shipping company in.   In this case, they try to get you to pay some sort of fee for the shipping that they will then ‘refund’ to you.

Obviously, you never want to get involved in this type of transaction.

Teletype Relay Fraud

Due to the laws in certain states of the United States, many scam artists have learned to use the Teletype Relay systems that were designed for the hearing impaired.

The reason they can get away with this is due to the strict rules that regulate these systems.   The operators, even if they are aware that there is a scam in progress are forbidden to say anything or make any comments about the call whatsoever.    They are only allowed to relay the information of the conversation back and forth regardless of the content.

Some of the scammers will use this method to hide the fact that they are not native English speakers.   They will also attempt to make you feel sorry for them because they are deaf.

Interesting Notes About Credit Card Numbers

American Express was actually the original credit card and system created.  Therefore,  American Express cards all start with the number “3”.

Visa has become a much larger system but came after American Express, therefore those credit card numbers all start with the number “4”

MasterCard credit cards all start with the number “5”.

Discover, is the relatively late comer to the credit card world and therefore, those cards all start with the number “6”.

I hope you have enjoyed this article as well as the others here on All Things Pondered.  In any case, please leave a comment below to let me know what you think.

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Filed Under: All Posts, Credit, Credit Cards Tagged With: accepting credit cards, credit cards, merchant account

Credit Card Company Complaint Options

February 18, 2012 by Dave

Sometimes you run across a credit card company that is not very helpful with addressing wrongs that have been done to you.

This could range from unreasonable fees to being double charged for items to any number of other issues. I’m sure you can think of one or two scenarios yourself.

The first step is to contact the customer service of the credit card company. Their number is usually printed on the back of your credit card.

Keep notes of who you talk to, what was said and the date and time of the call(s).

If things are not going well, ask to talk to a supervisor. Good customer service centers always have supervisors you can talk to.

If the agent refuses, that may be the first sign that this company is not good at handling customer problems.

You can try looking up the corporate office for credit card companies as well.

If all of this fails to provide the help that you need, then it is time to go a little further.

This is also where the detailed records that you previously kept will come in handy.

The more documentation you can provide either to customer service managers or government agencies is going to aid your case.

Organize the data in a clear and concise way that illustrates what happened and how your attempts at using the ‘normal’ channels for help failed.

1. Use the US government website to lodge your complaint (see below)

2. Use your State’s Attorney General Office as well as the State Attorney General’s office of the State the company’s corporate office is in. (see example further down the page)

Here is a web page for a US government website where you can file a complaint against any credit card issuer that has crossed the line as far as what is right and morally acceptable.

https://help.consumerfinance.gov/app/creditcard/ask

You can log a complaint against credit card companies there and you can also get a tracking number.

They have a large section of categories for complaints that (at the time of this writing) include:

Advertising and Marketing

Application processing delays

APR or interest rate (some companies are quite ridiculous in what they charge)

Arbitration

Balance Transfers

Balance Transfer Fees

Bankruptcy

Billing Disputes

Billing Statements

Cash Advance

Cash Advance Fee

Closing/ Cancelling Account

Collection Debt Dispute

Collection Practices

Convenience Checks

Credit Determination

Credit Card Payment / Debt Protection

Credit Line Increase / Decrease

Credit Reporting

Customer Service / Customer Relations

Delinquent Accounts

Forbearance / Workout Plans

Identity Theft / Fraud / Embezzlement

Late Fees

Overlimit Fees

Other Fees

Payoff Process

Rewards

Sale of Accounts

Transaction Issues

Unsolicited Issuance of Credit Card

Even if your complaint does not fall into this rather extensive list, you can leave your complaint anyway.

Sometimes you need a third party to intervene on your behalf.

When customer service is stubborn and unhelpful and you cannot get injustices corrected, perhaps you do need such help.

Remember, credit card companies are there to provide a service and they make a lot of money off people like you and me.

If there is a problem, they should definitely take care of it. If not, perhaps you can transfer your balance to another credit card company? Hopefully, that will be one that provides better service.

What I said here is stated in general and does not apply specifically to any individual credit card company.

In addition, the attorney general for every state has a consumer protection role and function. They will often write a letter to the company that gets A LOT MORE attention than your personal complaint to the company.

You should exhaust other options first and only turn to the attorney general when you feel there is little other option.

Each state has its own Attorney General. As an example, here is some information for the Attorney General of The State of Virginia:

the State of Virginia can be found here: https://www.oag.state.va.us/Consumer%20Protection/index.html

The site states: ” Individual complaints play an important role in notifying the Attorney General about possibly deceptive or otherwise illegal practices taking place in Virginia, which can lead to enforcement actions or legislative initiatives; however, the Attorney General’s office is not the central clearinghouse for consumer complaints in Virginia. The Virginia Office of Consumer Affairs (“OCA”), one of our client agencies within the Department of Agriculture and Consumer Services, serves this role. “

In an issue unrelated to credit cards, I was having trouble with a heating and cooling company.

They even told me that their owner was on vacation when I asked to talk to him. That same owner later told me that he was not on vacation.

So his employee lied to me.

Anyway, they ignored my calls for help until I contacted the Attorney Generals of two different states.

This was because I lived in a different state than their office was in.

I got very prompt service after that and their top worker came out to fix my problem. He discovered additional problems as well and admitted that his workers had not done a good job.

He also admitted that he did not inspect this job the way he inspects other jobs.

The moral of the story is that it sometimes pays to contact the attorney general when you are having a problem.

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Filed Under: Credit, Credit Cards, Financial Freedom Tagged With: complaining about credit card companies, credit card complaints, credit card issues, credit consumer protection

Capital One Credit Company Corporate Office Address And Telephone

February 18, 2012 by Dave

A quick search on Capital One complaints yields quite a few negative comments about the customer service of Capital One.

It appears that many people are unable to get satisfaction by calling the customer service line provided on the back of Capital One credit cards.

If you are among them, here is the address and phone number for the corporate office.

Address:

1680 Capital One Drive
McLean, Virginia 22102

Telephone number:   (703) 720-1000

Hopefully, you will find someone at corporate that is more willing to help than the regular customer service line.

It is always a good idea to keep detailed record of the people you have spoken with, the time of the call and what they said.

You should also discuss what the are putting in their official notes as well and make note of that.

If you keep track of everyone you talked to and what was said and the date and time of each conversation, you may have a better chance of getting the help you deserve.

Don’t give up – especially if you are 100% in the right!

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Filed Under: Bad Credit, business, Credit, Credit Cards Tagged With: corporate office, credit card

Using Secured Credit Cards To Build or Rebuild Your Credit

February 10, 2012 by Dave

A secured credit card is one that you pay a deposit on.  This deposit is held by the company to ensure that you pay your bill.

Generally speaking, the card issuer will keep your deposit as a ‘safety measure’.

You may ask, “Why would I do that”?    This is really only for two situations.  The first is for people who have lost all of their credit rating and can no longer get any credit from anyone.  The second is for those just starting out who have a zero credit rating and need to build a rating up.

There are actually more options for the second group.  The first group is more risky because they ‘messed up’ at least once before.

In either case, the idea is to establish a record of responsible credit card use.   This is to create trust between you and future potential lenders.

You are showing them that you know how to use your credit in a way that is appropriate.  Their chief concern is always losing their investment in you.

If you do not pay your bills, they lose money.  They are not in business to lose money.  Obviously, when you don’t pay your bill, they have lost out.

 

If  You Are Able To Get A Secured Credit Card

 

You won’t be permitted to spend above the amount you have on deposit with them.

You do not want to either.  You will want to pay your balance every month before the next billing cycle starts.

The reason for this is that you want to show that you are responsible with your credit.

You want to show them that you repay your debts on time, every time.

It may take a solid year.  But after that time, you may find that you will be able to get an ‘unsecured’ credit card.

An unsecured credit card is one that is based on the faith of your signature and does not keep a deposit.

If you make it to this stage, you will want to maintain your credit by continuing to be responsible.

We all have to work within the limits of our budget.  Once you show them you are responsible, you will want to maintain their trust by continuing to be responsible.

 

Be Very Careful When Selecting A Company That Offers Secure Credit Cards


You should be extremely careful when seeking out a secured credit card.

It can be the pathway to rebuilding your bad credit past as well as a good way for people who have never had any credit to develop a credit record.

There are decent companies that offer secured cards.

However, the secured credit card industry appears to have a lot of scam artists in it as well.

There are people / companies that might take advantage and hurt you.  Do your homework and be very careful with which company you choose.

Some charge much higher annual fees and interest than is reasonable.

Apparently, there are some which are outright scams.  They use your whole deposit up in fees that you probably didn’t even know about.

Again, you really need to do your homework before sending your money to anyone.

Beware of those who want a fee before you even get your card, that is a sign of trouble.

You also want a company who reports on your credit use but does not report your card as a ‘secured’ card.  If they do, this could potentially scare off other lenders.

A reputable company should understand this point and should not report your activity (credit card use) as being on a secured card.

Finally,  even though I said it before,  be very, very careful.  Check everything out and don’t send your money to just anyone.  Make ‘triple’ sure you are working with a reputable company before getting a secured credit card.

Otherwise, you could end up with more headaches than you started with!

The good news is that if you focus on responsible credit card use, you may eventually find your way back to a good credit rating.  Of, if you have never had a credit rating, perhaps you can now build a good one.

It might also be to your benefit to understand how the world’s banks work.

Then, there is also Jimmy’s credit repair story

If you enjoyed this, please share it with others and comment below.

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Filed Under: Bad Credit, Credit, Financial Freedom Tagged With: credit cards, credit on deposit, secured credit, secured credit cards

Jimmy’s Credit Repair Story…

November 17, 2011 by Dave

Young Jimmy was a strapping lad of about 24 years old or so.  He was a very entrepreneurial minded young man.

He did what many people seeking to start a business do.  He used ‘other people’s money’.

Since he didn’t have access to a big bank loan, that meant using his personal credit via the many credit cards he had been given by various credit companies.

Johnny had all of these things in his favor:

–>  He was a crazy hard worker

–>  He had a great, ‘winning’ personality

–>  He had a deep seated determination to win

Jimmy was no slouch!  He worked hard to make his young business grow.  He was working every single day, including  weekends.

Jimmy went out of business after nine months of hard work.

Maybe he just didn’t have the right opportunity,  the right knowledge or maybe some key unknown peice of the puzzle was missing.

He was so disappointed.  He worked so hard.  Now he felt like a failure.

Since he used his personal credit cards and there was no money coming in from his now defunct business, Jimmy had no choice but to not pay off those credit card loans.  He defaulted on all of them.

He didn’t pay them.  He didn’t have the money.

The bill collection agencies were calling him left and right.

After a while, when they figured out that they were not going to get anywhere, most of them stopped calling.

But Jimmy told his story to one of them.  This bill collector hated her job and told Jimmy she was going to quit and go back to school.   Good for her!

She also told him something else that was important.  She said that after 7 years of bad credit, those debts would roll off his credit reports and he wouldn’t have to worry about it anymore.

It had already been 4 years, so Jimmy just had 3 more to go.

But Jimmy wanted to clear up his credit sooner, just in case a prospective employer might do a credit check!   So Jimmy went to a ‘credit repair company’.

They offered to charge Jimmy a hefty sum to clear up his credit report.  However, Jimmy liked to find things out. So he asked them how they planned to do that.

Jimmy found out that anyone can get their credit reports fixed.  It just takes time and persistence!

He learned that what he needed to do was to dispute each item on the credit report.  This initiates a procedure with the credit reporting agency.  They must go to the alleged creditor and ask for verification / explanation.

Sometimes they respond.  But if they do not respond within a certain amount of time, the reporting agency would have no choice but to remove the disputed item from his credit report.

If they do respond,  he would simply dispute the item again.   Sooner or later the creditor was going to drop the ball.  When they don’t respond, presto! The item is removed from the report.

– Dispute in writing

– Wait for a response or not.  If not, he wins.

– If there is a response, dispute it again.

Jimmy learned that this is how he could fix his credit report without spending a lot of money on a credit report repair service.

This is a fictional story.  Seek appropriate legal | professional advice if you have credit issues.

You may also enjoy:  Responsible Credit Card Use

and / or

Building | Rebuilding Credit with a Secured Credit Card

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Filed Under: Bad Credit, Credit, Financial Freedom Tagged With: credit repair, repairing credit, story

Play the 0% Credit Card Game and Win!

July 7, 2007 by Dave

If you use credit cards properly, they can be your most powerful financial tool. But, mishandled, they can be draining your fun money. By borrowing smart, you can Play the 0% Credit Card Game and Win!

The average credit card user does not calculate how much money they waste paying the expensive rates of most credit cards and blindly sign up. Lurking in the backround, buried in the fine print, is the credit card company’s loophole. If you are late, even a day, your rate could go as high as 24% and there is nothing you can do about it. This is where the 0% APR credit card comes in. It’s the best tool you can find for using OPM (Other People’s Money) at no interest or fees whatsoever.

My wife and I have not paid credit card interest in over 10 years – Zero! Nada! Not one penny of interest, and we have had balances of up to $4,000.00 on our cards. In a minute I will share our 0% percent shuffle. No, it’s not a country & western dance but we do make the money shuffle from one card to another.

Are we just lucky? No. We have been smart with our finances!

If you have been a wise money manager and pay your bills as agreed, you likely have received 0% offers in the mail. You should take advantage of them as we have. There is no doubt we have saved thousands of dollars in interest over the years. Low APR cards are nearly as good to have but only if you pay at least double the minimum payment each month. It’s smart money management to pay off those cards as fast as possible because your credit score will soar. Then you too will be getting 0% offers in the mail.

What exactly does APR stand for anyway? Why do you need to trouble yourself with a definition? Don’t you want to know how to keep more of your money?

Basically, APR is the cost of credit as a yearly interest rate. APR stands for “Annual Percentage Rate” which must be used to compare different credit and loan offers. The APR on credit cards is usually calculated monthly based on the current outstanding balance which gives you that so-called “minimum payment”. Credit card companies must tell you how they calculate APR. It’s in the ol’ fine print that you need a magnifier to read.

There is an old saying – “figures don’t lie but liars can figure”! So, read the fine print!

APR, of course, does not really apply to 0% cards because, well, it’s Zero! You do want to look closely at the terms of any 0% card you are considering. Make sure you know the number of months the 0% is in effect and exactly when it expires. You want to know what the interest rate will be when 0% expires, which can get tricky. Watch out for rates tied to the Prime Rate. This will allow the company to hike your rate in line with hikes in the Prime Rate and that could get really expensive. Watch out for transaction fees or monthly minimum balance fees. We reject cards with any fees whatsoever.

Although the arrangements and terms may vary from one lender to another, the 0% or a low APR credit card are obviously what you want because the lower the APR, the better the deal for you, the more extra cash you have to spend on other things. A nice benefit, eh?

For the sake of argument, let’s say you are unable to get a 0% card because your credit score is a bit low. The alternative is to apply for the lowest APR credit card you can find and work your way up until someone says – Yes. You have to start somewhere, right? This is especially true if you are into tight financial budgeting. So you see, APR is the most important factor of a credit card because APR determines how much interest you are handing over to them and how much you can save for the fun spending. Now, are you glad you got that definition?

If you are looking for a 0% card or a low APR credit card right now, you don’t need to wait for the mailman. Simply go online and begin searching. You will find plenty to choose from.

Again, read the fine print of every offer. What are the charges or fees? Is it a variable rate or a fixed rate? We only accept a low fixed rate that will take effect when the 0% expires, just in case we get caught short. That has not happened yet but we are prepared for it anyway.

Say No to optional charges like payment protection insurance or credit protection plans. If there are any such charges, make sure that you understand what they are and when you have to pay them. We never take the options because most credit cards automatically protect you for fraudulent charges up to $50.00. One card we have protects us 100% at no extra charge.

Now, here is the 0% shuffle I promised to tell you about. It’s really simple and we have been doing it, as I said, for over 10 years.

When the 0% on one card is about to expire and we have a substantial balance, we simply get a new 0% card and transfer the old balance to the new card! We have done this numerous times over the years with no adverse impact on our credit score. Some people will tell you that doing this will have a negative effect on your credit score but we have not seen that happen. In fact, we received two 0% offers just this past week. They even included blank checks for us to fill in the amount we want, up to our credit limit. Our credit limit, by the way, has grown from low 4-figures to high 5-figures over the years without us paying a single fee or penny in interest. Sweet.

Indeed, having a credit card can be useful and convenient, and can even help build a strong credit history that will help you with future goals like home-buying, paying for higher education, and even finding a job.

Using OPM, (Other People’s Money) is the only way to go.

Yours for Success in Life!
Jim DeSantis

P.S. – Please forward this article to someone who may benefit from it.
____________________________________________

Jim DeSantis is a veteran Journalist providing trusted information on Money matters. Go here to Jim’s Money Matters blog for lots of free resources and links about your money.

Article Source: All Things Pondered

Tags: credit cards

Filed Under: Bad Credit, Credit

I’m A Credit Card Deadbeat: You Can Be One Too!

November 29, 2005 by Dave

I am delighted to say that I am a credit card deadbeat! In fact, some of you might already be credit card deadbeats too, if so, I commend you for your excellent work! Now, as for those who don’t know what a credit card deadbeat is, before you start thinking I have a screw loose, you may want to continue reading!

When I say that I am a credit card deadbeat, I don’t mean that Iavoid my credit card bills. To the contrary, a credit card deadbeat is the insider term used by credit card company executives and refers to all of the credit card users who pay off
their bill each month promptly; in doing so, such customers pay no interest and prevent the creditor from making any profit! That’s me! I love being a credit card deadbeat!

The alternative to being a credit card deadbeat is what credit card executives call a revolver. A revolver is a credit card user
that constantly carries a balance and is charged regular, monthly interest on their charges. Credit card companies love revolvers
because they, in essence, increase the bottom line for the credit card company and make them a nice profit. Further, from an
insider perspective, the best customers not only carry a balance, but also make their payments late, triggering extra fees and a
higher interest rate.

Okay, so I’ve been a credit card deadbeat for awhile now, but last year I went even further in improved my deadbeat ways. Not
only did I hang onto my hard earned cash by refusing to line the wallets of the credit card companies, but I also happily lined my
own wallet with their money, to the tune of $1,402. Yes, that’s right, they paid me $1,402 to use their cards; continue reading
to find out how!

Cash Back Credit Card

First, I applied online for a Cash Back Credit Card and I was instantly approved. My new cash back credit card arrived to my
house the following week ready for me to use. This card offered me 0% APR for 12 months and carried no annual fee; With it, I
made all of my gas purchases, as well as grocery and drugstore purchases and earned 5% back cash back on the gas purchases and
1% back on all other purchases. I have a family of four and the gas purchases included gas for my spouse’s car as well. My average monthly purchases and cash back earnings were as follows:

Monthly Gas Purchases $325 x .05 = $16.25 Monthly Grocery Bill $1,200 x .01 =$12.00 Monthly Drugstore Purchases $160 x .01 =
1.60 Total Cash Back Earnings From Credit Card $ 29.85 x 12 = $358.20

Airline Rewards Credit Card

I also applied for an airline rewards credit card and again was instantly approved online. Like the cash back credit card, my new
airline rewards credit card arrived the following week, came with a 0% introductory APR for 12 months and had no annual fee. This
credit card earns 1 frequent flyer mile for every $1 charged.

I charged many of my miscellaneous expenses, including major purchases and business expenses, on my new Airline Rewards Credit
Card. As a result, the qualified expenses came to an average of $2,250 monthly or $27,000 for the year, earning 27,000 frequent
flyer miles, more than enough for an airline ticket to Hawaii: a $500 value!

0% Introductory APR for 12 Months

Now here’s the kicker. Since both credit cards came with a 0% introductory APR for 12 months, I paid only the minimum payments
on each card and placed the money for my purchases into a savings account earning 2.5% (rates have gone up since). Using averages
for simplicity, I made 12 monthly deposits of $3,935 into a savings account earning 2.5% interest compounded monthly. By the
end of the year, I earned $544 in interest!

My Total Credit Card Earnings for the Year

So here is my total earnings from the cash back credit card,airline rewards card, and interest earned.

Cash Back 12 x 29.85 = $358 Free Airline Ticket $500 Savings Account Interest $544

Total Earned $1,402

Just to make sure I maintain my deadbeat ways, now that the 0% introductory rate has expired, I’ve paid off my balance from the
money I deposited into my savings account during the year. To be a credit card deadbeat you need persistence, determination, and
discipline. I did it, and so can you!

Copyright ® 2005 Stephanie Andrews

About The Author: Stephanie Andrews is a contributing editor for https://www.credit-card-surplus.com , a well organized credit card
directory enabling the user to compare and apply for offers including https://www.credit-card-surplus.com/cashback.php https://www.credit-card-surplus.com/airline.php

Article Source: All Things Pondered

Filed Under: Credit

Watch out for Phishers

May 15, 2005 by Dave

The Federal Reserve did a study in 1992 which indicated that 43% of
families spend more than they earn.

Watch out for phishers. A phisher is someone who attempts to steal
vital account information data from you. You have probably seen
their emails.

They usually look official and try to make themselves look like an email
from your bank or from a popular online auction (Ebay) or sometimes
PayPal.

They try to get you to go to a web site to update your account or they
claim your account will be frozen, shut down, etc.

In actuality they are trying to steal your information so that they can either
steal your money or commit some other type of fraud.

Do not fall victim to this – don’t pay attention to any emails that say you have
to or need to provide account information. It just isn’t true.

By the same token, never give your credit card information over the phone
to someone who says they need it to verify your identity or something
like that.

As a general rule, don’t give your credit card information over the phone
unless you called them and know exactly who you are calling.
Contact law enforcement officials if you have or suspect you have fallen
victim to a phisher scheme.

You don’t want to be a victim of identity theft.

-Dave

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