WalletPop Blog http://www.walletpop.com/blog WalletPop Blog http://www.walletpop.com/blog/media/feedlogo.gif WalletPop Blog http://www.walletpop.com/blog en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/ING bank offers Black Friday dealshttp://www.walletpop.com/blog/2009/11/25/ing-bank-offers-black-friday-deals/http://www.walletpop.com/blog/2009/11/25/ing-bank-offers-black-friday-deals/http://www.walletpop.com/blog/2009/11/25/ing-bank-offers-black-friday-deals/#commentsFiled under: , , , ,

The down side of saving a big chunk of change on Black Friday is that you usually have to spend a lot of money to realize those savings. That's why we at Walletpop were happy to see a Black Friday deal that is literally just about the savings.

On Black Friday, online bank ING Direct will announce special interest rates for opening a CD or the brand's signature Electric Orange checking account (they're keeping mum on the details of those rates until Friday but have added a teaser page to their Web site).

This blog has details of two other promotions, though: a $683 discount off an ING mortgage (the amount is the average dollar cost Americans spend on holiday gifts annually, according to the National Retail Federation) as well as a Cyber Monday 20% discount on trades through ShareBuilder, its trading subsidiary.

Continue reading ING bank offers Black Friday deals

ING bank offers Black Friday deals originally appeared on WalletPop Blog on Wed, 25 Nov 2009 13:30:00 EST. Please see our terms for use of feeds.

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]]>banksBlack FridayBlackFridaycdINGMartha C. WhiteWed, 25 Nov 2009 13:30:00 ESTLow interest rates good for borrowers, bad for savershttp://www.walletpop.com/blog/2009/11/23/low-interest-rates-good-for-borrowers-bad-for-savers/http://www.walletpop.com/blog/2009/11/23/low-interest-rates-good-for-borrowers-bad-for-savers/http://www.walletpop.com/blog/2009/11/23/low-interest-rates-good-for-borrowers-bad-for-savers/#commentsFiled under: ,

Americans are saving more of their earnings than they have in years, and that's a good thing. But unfortunately, we're not being rewarded for it the way we were in flusher years.

By now, everyone has heard about the government's unprecedented actions to drop interest rates to historic lows so cash-strapped individuals, businesses and banks can borrow on more forgiving terms. The down side of this is that bank account holders are now getting rock-bottom interest returns on their money.

Currently, we're saving around 3% of our collective income. That's not really an achievement to be proud of -- not yet, anyway --- but it's still a great step up from where we were a couple of years ago when the U.S. had a negative savings rate, meaning that we as a nation were literally spending more than we made.

Continue reading Low interest rates good for borrowers, bad for savers

Low interest rates good for borrowers, bad for savers originally appeared on WalletPop Blog on Mon, 23 Nov 2009 17:30:00 EST. Please see our terms for use of feeds.

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]]>bankingSavingsSavings Accountsavings accountssavings rateSavingsAccountSavingsAccountsSavingsRateMartha C. WhiteMon, 23 Nov 2009 17:30:00 ESTLet us now pray: Church mortgage delinquencies on the risehttp://www.walletpop.com/blog/2009/11/23/let-us-now-pray-church-mortgage-delinquencies-on-the-rise/http://www.walletpop.com/blog/2009/11/23/let-us-now-pray-church-mortgage-delinquencies-on-the-rise/http://www.walletpop.com/blog/2009/11/23/let-us-now-pray-church-mortgage-delinquencies-on-the-rise/#commentsFiled under: ,

Sounds like it might be time to pass the hat again. Many churches are having trouble paying their debts. Bloomberg recently profiled the Evangelical Christian Credit Union, which has written some $3 billion worth of church mortgages over the past ten years. Unfortunately, the combination of payments that rise when rates adjust and less money to make those payments is hitting churches hard, and many of them are defaulting. Roughly 145 churches have had to declare bankruptcy because they couldn't make their mortgage payments.

Evangelical Christian's percentage of delinquencies has doubled since 2007. The company steered its clients into commercial mortgages that were similar to the deals many Americans struck on their home loans, with lower initial payments that would balloon after a period of years. Many of these institutions refinanced in order to expand or renovate their facilities. At the time, this arrangement was a cheaper way for churches to access money than holding bond sales; in addition, churches were often approved to borrow more money than they could have raised via more traditional -- and perhaps less risky -- methods.

Continue reading Let us now pray: Church mortgage delinquencies on the rise

Let us now pray: Church mortgage delinquencies on the rise originally appeared on WalletPop Blog on Mon, 23 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>church delinquenciesChurchDelinquencieschurchesEvangelical Christian Credit UnionEvangelicalChristianCreditUnionmortgagesreal estateRealEstaterising church delinquenciesRisingChurchDelinquenciesMartha C. WhiteMon, 23 Nov 2009 10:00:00 ESTHow to find a small bank or credit unionhttp://www.walletpop.com/blog/2009/11/20/how-to-find-a-small-bank-or-credit-union/http://www.walletpop.com/blog/2009/11/20/how-to-find-a-small-bank-or-credit-union/http://www.walletpop.com/blog/2009/11/20/how-to-find-a-small-bank-or-credit-union/#commentsFiled under: ,

When we wrote about sneaky bank practices, a lot of readers wrote in suggesting that fee-weary customers ditch the big bailout-recipient banks in favor of small community banks or credit unions. In fact, many professional personal finance advisers say exactly the same thing, so WalletPop talked to a few of them to get their recommendations and advice for how to go about finding one of these friendlier financial institutions.

First, you'll need to find a place. While finding a bank can be as easy as driving down your local main street or commercial district, finding a credit union can take a little more sleuthing. Since credit unions are membership organizations, you need to find out which ones you are eligible to join, says David Beck, director of policy at Center for Community Self Help, an organization which includes the Self Help Credit Union and the Center for Responsible Lending.

In many cases, this may be as simple as living or working in an area that is home to a particular credit union, but being a current or former member of the military, many trade unions, religious communities and educational institutions may also qualify you for credit union membership.

Continue reading How to find a small bank or credit union

How to find a small bank or credit union originally appeared on WalletPop Blog on Fri, 20 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.

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]]>bankscredit unionsCreditUnionsfeaturedhow to switch to a small bankHowToSwitchToASmallBanksaving moneySavingMoneysmall banksSmallBanksMartha C. WhiteFri, 20 Nov 2009 08:00:00 ESTFewer Americans using credit cards for the holidayshttp://www.walletpop.com/blog/2009/11/18/fewer-americans-using-credit-cards-for-the-holidays/http://www.walletpop.com/blog/2009/11/18/fewer-americans-using-credit-cards-for-the-holidays/http://www.walletpop.com/blog/2009/11/18/fewer-americans-using-credit-cards-for-the-holidays/#commentsFiled under: , , ,

In yet another sign that Americans are still cautious -- and growing more so -- about their spending, new research shows that fewer of us will be using credit cards to make our holiday purchases this year.

According to a survey conducted by BIGresearch for the National Retail Federation (as reported here by Reuters), the number of consumers using credit cards for holiday purchases will drop more than 10% this year. Only 28.3% of shoppers say they'll use credit cards to buy presents, down from 31.5% last year.

What are we doing instead? Paying cash. The number of survey respondents who said they'll be using cash to buy holiday gift this year rose by almost exactly the same percentage as the drop in credit-card users, at 9.1%. This is a step in the right direction for consumers, as more of us are making a conscious decision to live within our means.

It's bad news for the already-beleaguered credit-card industry, though; we've recently written about new data showing that credit-card companies will probably have many more defaults next year.

It's also bad news for the nation's retailers, which are already bracing for a weak holiday shopping season. The National Retail Federation survey also revealed that we're buying more practical gifts this year. A greater percentage of consumers plan to buy clothing this year, and fewer are buying electronics and jewelry.

Continue reading Fewer Americans using credit cards for the holidays

Fewer Americans using credit cards for the holidays originally appeared on WalletPop Blog on Wed, 18 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>credit cardscredit cards and holiday shoppingCreditCardsCreditCardsAndHolidayShoppingholiday shopping seasonHolidayShoppingSeasonrecessionshoppingMartha C. WhiteWed, 18 Nov 2009 10:00:00 ESTNew credit card data shows Americans still strugglinghttp://www.walletpop.com/blog/2009/11/17/new-credit-card-data-shows-americans-still-struggling/http://www.walletpop.com/blog/2009/11/17/new-credit-card-data-shows-americans-still-struggling/http://www.walletpop.com/blog/2009/11/17/new-credit-card-data-shows-americans-still-struggling/#commentsFiled under: ,

A recent report shows that credit card charge-offs have dropped a bit from their highs, but delinquencies -- that is, payments more than 30 days overdue - are still on the rise.

This article from MSNBC says that spells continuing trouble for Americans' personal finances and our nation's still-shaky economic recovery.

While the drop in charge-offs -- meaning that the issuer writes off the amount owed as a loss -- was attributed to people funneling tax refunds into their credit card debt, the high and still rising level of unemployment triggered the growth in delinquent payments.

Continue reading New credit card data shows Americans still struggling

New credit card data shows Americans still struggling originally appeared on WalletPop Blog on Tue, 17 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>Bank of AmericaBankOfAmericabankscredit cardcredit card debtcredit cardsCreditCardCreditCardDebtCreditCardsMartha C. WhiteTue, 17 Nov 2009 16:30:00 ESTOverdraft protection coming ... at a snail's pacehttp://www.walletpop.com/blog/2009/11/16/overdraft-protection-coming-at-a-snails-pace/http://www.walletpop.com/blog/2009/11/16/overdraft-protection-coming-at-a-snails-pace/http://www.walletpop.com/blog/2009/11/16/overdraft-protection-coming-at-a-snails-pace/#commentsFiled under:

As we told you earlier, the Federal Reserve just announced it would begin reigning in the scourge of debit-card users nationwide: overdraft charges. The good news is that the new ruling will prohibit banks from foisting this so-called protection on customers automatically; instead, consumers will have to voluntarily sign up (don't all line up at once, now!) The bad news: It's going to be another eight long months before this relief comes.

The government is making Americans wait until July 1, 2010, to get the relief they've been literally begging for, even though Federal Reserve chairman Ben Bernanke called the new ruling "an important step forward in consumer protection."

Continue reading Overdraft protection coming ... at a snail's pace

Overdraft protection coming ... at a snail's pace originally appeared on WalletPop Blog on Mon, 16 Nov 2009 09:00:00 EST. Please see our terms for use of feeds.

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]]>BanksConsumers UnionConsumersUnionfeaturedOverdraft protectionOverdraftProtectionMartha C. WhiteMon, 16 Nov 2009 09:00:00 ESTMen only buy underwear to impress womenhttp://www.walletpop.com/blog/2009/11/12/men-only-buy-underwear-to-impress-women/http://www.walletpop.com/blog/2009/11/12/men-only-buy-underwear-to-impress-women/http://www.walletpop.com/blog/2009/11/12/men-only-buy-underwear-to-impress-women/#commentsFiled under:

Finally, a survey confirms what women may have suspected all along: Dudes only drop dough on drawers when they're searching for a mate. A British retailer conducted a study which found that male shoppers don't buy their own underwear until they reach the ripe old age of 19. Who keeps them stocked in skivvies before that? Mom.

Seriously, guys? Doesn't that get a little embarrassing, oh, roughly around the time you outgrow cartoon-emblazoned Underoos? Teen girls begin buying their own undergarments at around 13 years old, the study found. (Anyone who wants another bit of "girls mature faster" ammo, there you go.)

At 19, young men go on a boxer-and-brief buying binge, buying up to 31 pairs a year for the next four years of their life. What's behind this sudden urge for unmentionables? According to the survey's authors, they're stocking up on skivvies to lure a potential mate. Whether or not designer underpants lead to Ms. Right may be up for debate, but it's interesting to note that underwear purchases by men start tapering off at around the age of 23 and continue that downward trajectory for the next decade. This indicates, the researchers say, that men are settling down into partnerships and turning over the task of underwear-buying to the women in their lives once again.

The study also picked up on midlife-crisis impulses. Between the ages of 38 and 40, the rate at which men buy underpants picks up; the researchers say this is due to men who have been through a divorce getting back in the dating game. The flirtation with underwear this time around is more -- ahem --brief; it begins to taper off when men are around 40 and drops off almost entirely shortly thereafter. By the time men are 44, most of them abandon underwear-shopping entirely.

Readers, who buys the boxers in your house? Is it a woman's job, or are American men are more in touch with their underwear purchases than their British counterparts?

Men only buy underwear to impress women originally appeared on WalletPop Blog on Thu, 12 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.

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]]>featuredmens underwearMensUnderwearshoppingunderwearwomen and shoppingWomenAndShoppingMartha C. WhiteThu, 12 Nov 2009 08:00:00 ESTIs corporate travel going "green?"http://www.walletpop.com/blog/2009/11/11/is-corporate-travel-going-green/http://www.walletpop.com/blog/2009/11/11/is-corporate-travel-going-green/http://www.walletpop.com/blog/2009/11/11/is-corporate-travel-going-green/#commentsFiled under:

hotel roomMore companies are looking for ways to demonstrate that they're environmentally conscious, and one way they're doing so is seeking out eco-friendly hotels for their employees to stay in when traveling for business, according to this USA Today article.

If all other factors, such as cost and amenities, are identical, corporations today seem more willing to choose eco-friendly lodgings for their employees. More than one in five now ask about hotel environmental policies before signing contracts with them, according to a survey taken this summer by the National Business Travel Association cited by the article.

Continue reading Is corporate travel going "green?"

Is corporate travel going "green?" originally appeared on WalletPop Blog on Wed, 11 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

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]]>eco-friendlygreengreen livingGreenLivingtravelTravelingMartha C. WhiteWed, 11 Nov 2009 13:00:00 ESTCiti scraps fee waivers; low-balance account holders will payhttp://www.walletpop.com/blog/2009/11/11/citi-scraps-fee-waivers-low-balance-account-holders-will-pay/http://www.walletpop.com/blog/2009/11/11/citi-scraps-fee-waivers-low-balance-account-holders-will-pay/http://www.walletpop.com/blog/2009/11/11/citi-scraps-fee-waivers-low-balance-account-holders-will-pay/#commentsFiled under:

As reported in the New York Post, Citibank plans to eliminate the two fee waivers that had been available on its two basic checking accounts nationwide early next year.

Previously, customers who had an "EZ" or "Access" checking account and didn't keep a minimum balance of $1,500 could avoid paying $7.50 or $3 per month, respectively, by arranging a monthly direct deposit or using the account to auto-pay two monthly bills.

Beginning in February, those fee waivers are being eliminated, so the only way a person who has one of these accounts can avoid the fee is to keep $1,500 or more with Citibank. Now, that $1,500 doesn't all have to be in that checking account; it can be in another Citi account or a CD, but it needs to add up to $1,500 if you don't want to pay the fee.

Continue reading Citi scraps fee waivers; low-balance account holders will pay

Citi scraps fee waivers; low-balance account holders will pay originally appeared on WalletPop Blog on Wed, 11 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

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]]>bank feesBankFeesBankschecking account feesCheckingAccountFeesCitibankfeaturedMartha C. WhiteWed, 11 Nov 2009 12:00:00 ESTBrits bust up banks; will the U.S. follow suit?http://www.walletpop.com/blog/2009/11/10/brits-bust-up-banks-will-the-u-s-follow-suit/http://www.walletpop.com/blog/2009/11/10/brits-bust-up-banks-will-the-u-s-follow-suit/http://www.walletpop.com/blog/2009/11/10/brits-bust-up-banks-will-the-u-s-follow-suit/#commentsFiled under: ,

In a move that could be an indication of how the U.S. will handle the problem of banks deemed "too big to fail," the United Kingdom is forcing some of Britain's biggest banks to split themselves up.

According to this article in the Washington Post, the Royal Bank of Scotland, Lloyds Banking Group and Northern Rock have all been ordered to scale down. RBS and Lloyds are shedding branches and spinning off various divisions; Northern Rock is being split in half.

Continue reading Brits bust up banks; will the U.S. follow suit?

Brits bust up banks; will the U.S. follow suit? originally appeared on WalletPop Blog on Tue, 10 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

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]]>bailoutbailoutsbanksbritainbritishMartha C. WhiteTue, 10 Nov 2009 13:00:00 ESTCredit card reform to come sooner?http://www.walletpop.com/blog/2009/11/09/credit-card-reform-to-come-sooner/http://www.walletpop.com/blog/2009/11/09/credit-card-reform-to-come-sooner/http://www.walletpop.com/blog/2009/11/09/credit-card-reform-to-come-sooner/#commentsFiled under: ,

credit card hangoverWe here at Walletpop have decried the rate-raising, fee-slapping tactics of the credit-card companies making one last grab at America's wallets before the new credit card reform legislation passed by Congress earlier this year goes into effect. Credit card companies' practices got so out of hand that the House of Representatives voted this week to put the changes into effect sooner.

Continue reading Credit card reform to come sooner?

Credit card reform to come sooner? originally appeared on WalletPop Blog on Mon, 09 Nov 2009 09:30:00 EST. Please see our terms for use of feeds.

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]]>Martha C. WhiteMon, 09 Nov 2009 09:30:00 ESTYour high-rate CD in a failing bank won't stay high-ratehttp://www.walletpop.com/blog/2009/11/06/your-high-rate-cd-in-a-failing-bank-wont-stay-high-rate/http://www.walletpop.com/blog/2009/11/06/your-high-rate-cd-in-a-failing-bank-wont-stay-high-rate/http://www.walletpop.com/blog/2009/11/06/your-high-rate-cd-in-a-failing-bank-wont-stay-high-rate/#commentsFiled under: ,

More than 100 banks have failed this year, and even the government acknowledges that many more will probably fold before 2009 draws to a close. In most cases, ordinary citizens who have accounts are protected by FDIC insurance. Yes, there's certainly a hassle involved, especially if you have bills set up on auto-payment with the failed bank, but the FDIC guarantees that they'll make good on your money up to $250,000.

Unfortunately, this guarantee doesn't extend to the interest rates on long-term savings vehicles like certificates of deposit. As this article reports, a growing number of people are losing the high interest rates on their CDs when a bank with which they have money invested folds.

Continue reading Your high-rate CD in a failing bank won't stay high-rate

Your high-rate CD in a failing bank won't stay high-rate originally appeared on WalletPop Blog on Fri, 06 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

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]]>CDscertificate of depositCertificateOfDepositfailed banksFailedBanksinvestmentsMartha C. WhiteFri, 06 Nov 2009 13:00:00 ESTLow holiday spending due to economic worrieshttp://www.walletpop.com/blog/2009/11/05/low-holiday-spending-due-to-economic-worries/http://www.walletpop.com/blog/2009/11/05/low-holiday-spending-due-to-economic-worries/http://www.walletpop.com/blog/2009/11/05/low-holiday-spending-due-to-economic-worries/#commentsFiled under: ,

shopping Americans won't be spending as much this holiday season due to continued worry about their finances, according to new research. The Discover Spending Monitor found that 56% of Americans rated the economy as "poor" in October, a 4% increase over September. In addition, 46% said the economy is getting worse, a 3% increase over September.

Overall, women are more worried about the economy than men. In October, the percentage of women who rated the economy as "poor" shot up by nine points to 58%, while the number of men calling the economy poor actually dropped from 54% in September to 53% in October.

Continue reading Low holiday spending due to economic worries

Low holiday spending due to economic worries originally appeared on WalletPop Blog on Thu, 05 Nov 2009 19:00:00 EST. Please see our terms for use of feeds.

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]]>holiday shoppingHolidayShoppingrecessionshoppingMartha C. WhiteThu, 05 Nov 2009 19:00:00 ESTCould banks be in more trouble than they've let on?http://www.walletpop.com/blog/2009/11/02/could-banks-be-in-more-trouble-than-theyve-let-on/http://www.walletpop.com/blog/2009/11/02/could-banks-be-in-more-trouble-than-theyve-let-on/http://www.walletpop.com/blog/2009/11/02/could-banks-be-in-more-trouble-than-theyve-let-on/#commentsFiled under: ,

Federal Reserve Chairman Ben Bernanke recently talked about "green shoots" of economic recovery and declared the recession probably over, but some economists fear the worst is yet to come.

As bad as the residential real estate crisis was for banks, the impact of failed residential mortgages could be dwarfed by the problems now facing the banks regarding commercial real estate.

A loan for a commercial building like a shopping mall is very different from the mortgage you have on your home. Commercial mortgages have a much shorter term, usually only five to seven years. The bank doesn't expect the owner to pay the debt off in that amount of time, but when that time comes, they need to refinance the remaining balance into a new loan.

Continue reading Could banks be in more trouble than they've let on?

Could banks be in more trouble than they've let on? originally appeared on WalletPop Blog on Mon, 02 Nov 2009 17:30:00 EST. Please see our terms for use of feeds.

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]]>bankbankscommercial bankingcommercial banksCommercialBankingCommercialBanksMartha C. WhiteMon, 02 Nov 2009 17:30:00 ESTBailed out CIT files bankruptcy, costing taxpayers $2.3 billionhttp://www.walletpop.com/blog/2009/11/02/bailed-out-cit-files-bankruptcy-costing-taxpayers-2-3-billion/http://www.walletpop.com/blog/2009/11/02/bailed-out-cit-files-bankruptcy-costing-taxpayers-2-3-billion/http://www.walletpop.com/blog/2009/11/02/bailed-out-cit-files-bankruptcy-costing-taxpayers-2-3-billion/#commentsFiled under: ,

Small-business lender CIT Group Inc. has filed for Chapter 11 bankruptcy in the fifth-largest corporate bankruptcy in U.S. history.

The beleaguered company, which had its roots in basic, no-frills loans to fast-food restaurants, clothing stores and the like, ran into trouble after a former Merrill Lynch executive took the helm in 2003 and pushed CIT into more exotic and risky investments that turned sour when the economy took a nosedive.

The part of the process that's most likely to upset average citizens is this: The terms of the bankruptcy filing wipe out CIT's obligation to pay back $2.3 billion it received from the government in December as part of the TARP program. The bailout was intended to get the company back on its feet, but things didn't go as planned and the lender was back roughly six months later, hat in hand again.

Continue reading Bailed out CIT files bankruptcy, costing taxpayers $2.3 billion

Bailed out CIT files bankruptcy, costing taxpayers $2.3 billion originally appeared on WalletPop Blog on Mon, 02 Nov 2009 15:30:00 EST. Please see our terms for use of feeds.

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]]>bailoutbailoutsBankruptbankruptcycitMartha C. WhiteMon, 02 Nov 2009 15:30:00 ESTVisa's financial results show how our spending has changedhttp://www.walletpop.com/blog/2009/11/01/visas-financial-results-show-how-our-spending-has-changed/http://www.walletpop.com/blog/2009/11/01/visas-financial-results-show-how-our-spending-has-changed/http://www.walletpop.com/blog/2009/11/01/visas-financial-results-show-how-our-spending-has-changed/#commentsFiled under:

Mammoth credit-card issuer Visa turned a profit in its fiscal fourth quarter for the year, due largely in part to the new way consumers are spending.

While cost cutting contributed to the company's $514 million -- that's 69 cents per share -- profit, so did the growing use of debit cards.

According to USA Today, overall spending with Visa cards dropped by 2%, a result of Americans continuing to look for ways to spend less.

Continue reading Visa's financial results show how our spending has changed

Visa's financial results show how our spending has changed originally appeared on WalletPop Blog on Sun, 01 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

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]]>credit cardcredit cardsCreditCardCreditCardsVisaMartha C. WhiteSun, 01 Nov 2009 15:00:00 ESTWalletpop round-up: Worst credit cardshttp://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/#commentsFiled under: , , ,

Break out the rotten tomatoes. This is Walletpop's roundup of the priciest, sneakiest and just plain lousiest credit-card deals out there. Trust us, there are a lot of cards floating around the bottom of the barrel, so it took a lot of effort to find the ones you probably want to avoid at all costs.

Interest rate: If your credit isn't stellar, you can be looking at paying 20% or more for the privilege of whipping out the plastic. (Even if you have great credit, some cards will be oh-so-happy to sock you with a rate of 15% or so.) For real sticker shock, we checked out co-branded store cards, which typically have higher rates. Case in point: The Gap Visa card has rates that start at 18.24%. That could tack quite a bit onto the price of that pair of khakis. We also looked into the Best Buy Reward Zone MasterCard, issued by HSBC, but they won't even give users information about interest rates until they actually apply! Thanks, HSBC; you've forced us to leave it to our imagination, and what we're imagining is pretty scary.

Annual fee: To be fair, several American Express cards made our best list, but we've got a worstie here, too. With a whopping $5,000 initiation fee plus a $2,500 annual fee, the American Express Centurion Card wins this one, hands down. Luckily, this card is issued by invitation only, so you'll probably never be faced with the agonizing decision of whether or not to drop the price of a cheap used car every single year for the privilege of using this card. For that reason, we're nominating a second worstie in this category: the Visa Black Card issued by Barclays. It's got an annual fee of "only" $495 and an APR of 13.24% -- a higher rate by several percentage points than our best pick.

Continue reading Walletpop round-up: Worst credit cards

Walletpop round-up: Worst credit cards originally appeared on WalletPop Blog on Thu, 29 Oct 2009 18:45:00 EST. Please see our terms for use of feeds.

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]]>creditfeaturedGap branded credit cardGapBrandedCreditCardHSBCworst credit cardsWorstCreditCardsMartha C. WhiteThu, 29 Oct 2009 18:45:00 ESTWalletpop round-up: Best credit cardshttp://www.walletpop.com/blog/2009/10/29/walletpop-round-up-best-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-best-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-best-credit-cards/#commentsFiled under: , ,

Credit cards: Can't live with 'em, can't live without 'em, it seems (although some of our fellow WalletPoppers are having a lively debate about just that right now).

The bottom line is, the majority of you probably need credit cards for something. With the help of Curtis Arnold, founder of the website CardRatings.com, and Doug Miller, senior analyst at research firm Corporate Insight, we sifted through oodles of cards to ferret out the best and the worst when it comes to rates, fees, rewards and perks. As with everything, your particular financial situation may or may not make you eligible for the best possible rates, so check before signing on the dotted line. Also, things can change quickly in Credit-Card Land, especially with sweeping new legislation arriving in just over three months, so double-check all the terms here. (We'll also be updating this round-up after the new rules come into play.)

First, the best-in-show. Break out the noisemakers; these cards rise to the top when it comes to all the stuff you want.

Interest rate: Our parent company, AOL, has sung the praises of this particular card before. Remarkably, given all the upheaval in the industry in recent months, the Simmons First Visa Platinum is still our top pick when it comes to interest rates, with an APR of just 7.25%. Of course, you can go online and find 0% interest offers up the wazoo, but those are limited-time only deals. This 7.25% is the regular rate, not some promotional gimmick designed to suck you in.

Continue reading Walletpop round-up: Best credit cards

Walletpop round-up: Best credit cards originally appeared on WalletPop Blog on Thu, 29 Oct 2009 18:30:00 EST. Please see our terms for use of feeds.

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]]>best credit cardsBestCreditCardsfeaturedmilesno-feeMartha C. WhiteThu, 29 Oct 2009 18:30:00 ESTMortgage debt waived after bank can't find paperworkhttp://www.walletpop.com/blog/2009/10/27/mortgage-debt-waived-after-bank-cant-find-paperwork/http://www.walletpop.com/blog/2009/10/27/mortgage-debt-waived-after-bank-cant-find-paperwork/http://www.walletpop.com/blog/2009/10/27/mortgage-debt-waived-after-bank-cant-find-paperwork/#commentsFiled under: , ,

Score: Little guy, 1; bank, 0. It's a nice change.

Two weeks ago, a bankruptcy court in suburban New York did the formerly unthinkable: It waived a homeowner's mortgage debt after the bank trying to foreclose on the home couldn't submit any proof that it actually had a claim on the property.

According to the New York Times, when lender PHH Mortgage was asked to provide proof that it actually held the deed for the $461,263 mortgage, it couldn't give the judge any records.

Continue reading Mortgage debt waived after bank can't find paperwork

Mortgage debt waived after bank can't find paperwork originally appeared on WalletPop Blog on Tue, 27 Oct 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>bankshomemortgagemortgagesMartha C. WhiteTue, 27 Oct 2009 16:30:00 EST