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6 steps to erasing holiday credit card bills


6 steps to erasing holiday credit card bills

Published 1/11/13

6 steps to erasing holiday credit card bills By Justin Boyle

It's hard not to be generous during the holiday season, to ourselves as well as to others. The trouble with that generosity, though, is that it can lead to racking up some lofty balance figures on our credit card statements.

But starting today, you can formulate a solid plan of attack on that extra holiday debt. Here are six steps you can follow to make sure that the personal finance blow-back from your holiday generosity doesn't haunt you throughout the new year.

1. Freeze your spending

Every January 1, my aunt in New York takes whatever credit cards she's used for Christmas gifts that year and chucks them into the icebox. It keeps her from raising her balances any further, she says, while also serving as an effective reminder of her pledge every time she opens the freezer door. Her literal approach to a credit freeze may be a more eccentric gesture than you prefer, but using your own method to halt your spending can help you stop buying on credit as you get things under control.

2. Confront the numbers

Take an hour or so one evening to lay out a roster of your holiday credit cards.

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Review: The Business Platinum Card from American Express OPEN

Published 1/10/13  (Modified 2/4/14)

By Peter Andrew

Editor's Note: Thank you for your interest, this offer expired and is no longer available.

Years ago, I had a platinum American Express card. But it must have issued at a time when AmEx's branding people were going through some sort of collective nervous breakdown, because -- although it looked great -- it was a fairly standard charge card.

The Business Platinum Card from American Express OPEN couldn't be more different. If you have the funds and credit necessary to obtain it -- and a lifestyle that can make use of its benefits -- it can deliver a veritable cornucopia of prestige and perks.

A serious card for serious businesspeople

First, the basics:

  1. This is a charge card, as opposed to a credit card. That means its balance has to be zeroed each month -- so no spreading the cost of purchases over a longer period.
  2. No revolving credit means no interest payments, so don't bother asking about the rate.
  3. The annual fee is $450, and it's not waived in your first year of membership. So if you're the sort of person for whom $450 is a king's ransom, this may not be your type of card.
  4. There are no foreign transaction fees.
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Review: Citi Diamond Preferred Card

Published 1/3/13  (Modified 11/22/13)

By Peter Andrew

Editors Note: This offer is expired and is no longer available.

Gosh, I hate this time of year. This is the time when my friends who were running up debt with their credit cards in December must face up to some harsh realities. It's not that I'm judgmental or possess a bah-humbug approach to gift giving -- I'd probably be doing something similar if I had young kids and was struggling to cope with the recession's hangover. It's just that I know I'll be witnessing those friends enduring some hard times (two Dickensian allusions and we're still in the first paragraph!) and horrible stress well into the New Year.

What would I suggest, were those pals to ask me for advice? I'd recommend they check out zero interest balance transfer credit cards, provided their credit scores were still good enough for them to stand a reasonable chance of getting approved. And at or near the top of the list I'd give them would be the Citi® Diamond Preferred® Card.

Escaping interest charges

It's easy to forget just how much high credit card rates cost you: If you carry a balance of $5,000 throughout year, and are paying the average APR for a rewards credit card, you're probably having to find more than $900 a year in interest. The Citi Diamond Preferred Card could give you a break from this burden -- both for balance transfers and new purchases -- for a whopping 18 months.

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4 credit card resolutions for 2013

Published 12/21/12  (Modified 12/11/13)

4 credit card resolutions for 2013 By Jennifer Gregory

As I scribbled down my New Year's resolutions for 2013, I realized that my list looked a lot like those of previous years, filled with vague goals about exercising and organizing my home. It hit me that I had never actually made any resolutions specific to my finances. So I decided to make this year's list a little different.

Here are four things I resolve to do with my credit cards in 2013.

1. Research card options throughout the year

Like many consumers, I tend to get complacent and use the same credit cards without re-evaluating whether my current cards suit my situation. Issuers release new credit cards throughout the year, many featuring 0 percent offers, and new promotions on existing cards appear too, such as the seasonal bonus offers on my airline credit card. But while I've planned to compare cards in the past, the task has stayed at the bottom of my to-do list.

This year, I plan to spend a few minutes on the first Monday of each month researching credit card options to see if I need to rotate the cards in my wallet.

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6 steps to disputing a credit card charge

Published 12/20/12

6 steps to disputing a credit card charge By Tim Sullivan

A few months ago, my fiancée and I went out to dinner at our favorite sushi restaurant. After we ate our fill of sashimi and warm saki, I paid our bill with my credit card and we made our way back home. The next month, while I was going through my credit card statement, I noticed that we had been double charged for our meal.

I called the restaurant and spoke to the night manager, but he wasn't much help. Finally, I got in contact with the owner who said that he was sorry for the inconvenience, but that he had no record of the double charge. He said he wouldn't issue a refund. I immediately contacted my credit card company.

Righting the wrong

Here's a list of steps to take when disputing any false charge on your monthly statement.

  1. Contact the offender. First, call the restaurant or business responsible for the charge. State your claim and ask for a full refund.

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Isis Mobile Wallet: Worthy of the hype?

Published 12/14/12

Isis Mobile Wallet: Worthy of the hype? By Justin Boyle

If you live in Austin, Texas, like I do, you've seen it plastered all over town. Austin is one of two U.S. cities -- along with Salt Lake City, Utah -- that have been chosen for the pilot roll-out of the Isis Mobile Wallet. Isis is yet another brand name to enter the mobile payments frenzy, and it promises to "transform your buying experience."

By now, MBB readers are as familiar with mobile payment apps as anyone. These apps aim to link your credit card accounts together in a single smartphone application, with the stated purpose of saving you the monumental hassle of handing your card over to a cashier and, later, physically signing a small slip of paper.

It's natural to wonder if the Isis Mobile Wallet has got anything going for it other than an aggressive marketing campaign. Does it offer anything that the existing stable of mobile payment apps doesn't already offer? We've done the homework so you don't have to.

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