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Posts Tagged ‘Discover’

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Credit Card Fees Surge For International Purchases

May 15th, 2009 by Matthew C. Keegan | 2 Comments | Filed in Consumer Tips, Credit Cards
Foreign transaction fees can snag more money from when you make purchases abroad, adding as much as 3% to the cost of your purchase.

Foreign transaction fees can snag more money from when you make purchases abroad, adding as much as 3% to the cost of your purchase.

That American Express, Discover, Visa or MasterCard that has served you well for so many years could prove more costly to you if you were to use it outside of the United States. Unless you regularly travel abroad and use a credit card you may not be aware that foreign fees usually kick in for each time your card is swiped.

Foreign Currency Transaction Fees

A recent report published in The Wall Street Journal has revealed that banks are now boosting foreign fees or in some cases are introducing them for the first time. New Fees For Card Usage Abroad discusses the trend, noting that Discover Financial Services began charging a fee this month, adding 2% to every foreign transaction.

On the surface, fees may not sound like a lot, but they do add up. For example, if you are planning a trip overseas and are paying for some of your expenses while abroad, then you can incur a fee. Thus, if you plan to travel to let’s say Germany and you wait until you arrive to book your hotel room, you could be charged a fee which covers converting foreign currency into dollars. However, if you make your hotel reservation while still in the states, you may be able to avoid that fee — as long as you are charged in American dollars in the first place.

In Some Cases, No Foreign Transactions Are Exempt

But even credit card providers are seeing that money can be made by charging customers for any type of foreign transaction no matter what the fee charged. These fees vary, not every card charges them, but for those who do that can range from two to three percent of the bill. Take a ten day family excursion to Italy costing you $8000 and that surcharge could add $240 to your final bill.

Of course, you can avoid foreign transaction fees by using a credit card that doesn’t charge fees such as Charles Schwab or Capital One.  Some cards, such as Discover and American Express, aren’t as widely accepted overseas as they are in the states. So, shop for a card that has near universal reach and doesn’t charge transaction fees.

Adv. — Save money on everything! Well, that would be great if you really could.  Shop online to save money on all of your bathroom needs including bathtubs, bathroom fixtures, whirlpools and air tubs, cast iron tubs and so much more.


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Not All Credit Cards Are The Same!

August 26th, 2008 by Matthew C. Keegan | 1 Comment | Filed in Consumer Financing, Consumer Tips, Credit Cards

How many credit cards do you carry? 2? 5? 11? If you were to add up all of your store cards, gas cards and your MasterCard, VISA, American Express, Discover and other national cards, you might be surprised at that number. Then again, maybe you have several cards but are considering finding a new card, one with a special deal not offered by your current card issuer.

Credit CardsCompare Credit Card Offers

You probably already know this, but not all credit card offers are the same with some offering high rates and absolutely no rewards to others which will can provide for you a low, fixed rate and special rewards. Before you shop for your next card, let’s review the variety of credit card choices out there for your consideration.

Low Interest Rate Credit Cards — Higher interest rates have made these cars a bit less common, but there are still credit cards available with low rates, even 0% financing for balance transfers. In most cases, these special rates are in place until the transfers are paid off with newer purchases charged at a higher rate.

Low Introductory Rate Credit Cards — To entice you to use a particular credit card, some credit card issuers will offer to you a special “teaser rate” that will run for a number of months, usually for as long as six to twelve months. You can make purchases at the very low rate (let’s say 2.9% for twelve months) and then pay 12.9% or more on balances after that time. These cards can be a great way for consumers to make an expensive purchase and paying off their balance over a few months time without incurring a lot interest charges.

Pre-paid Credit Cards — Consumers who have bad credit as well as students who are off to college, a pre-paid credit card allows people to build up their credit rating while still having the convenience of shopping with a credit card. No need to carry around a lot of cash, if you misplace the card you haven’t lost your money and can get a new card.

Rebate Credit Cards — Use your credit card and get paid for using it! This may sound like a scam, but it isn’t: some credit card providers will give you cash rebates on certain purchases. Spend $500 and you could have $10 credited to your account, depending on the offer.

Award Credit Cards — Also known as rewards cards, an award card works like a rebate credit card: you get to select gifts based on points you have accumulated with your purchases. In many cases, one point is awarded for every dollar spent and you can redeem those points online or through a catalog sent by the credit card company. Some issuers will automatically give you 500 or more points with your initial purchase, even throwing in a bonus offer through special promotions which can double or even triple your points during a special promotional period (for example, the holiday shopping season).

Other Special Card Deals Too

The previously mentioned credit cards choices are typically MasterCard or VISA network special offer credit cards, but American Express and Discover have deals which may be worth a look too. Manage your various rebate cards with this free download to help you get the rebates and rewards coming to you.


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Choosing The Right Credit Card Offer

May 13th, 2008 by Matthew C. Keegan | 4 Comments | Filed in Credit Cards

How many credit cards do you carry? 1, 5, 10, maybe more? Most consumers carry at least one credit card, especialy when you include department store cards, gas station cards, American Express, MasterCard, VISA, Diners, Discover and others. Consumer lending is big business, an area of marketing that lenders use to fuel their businesses.

credit cardsYou probably already know that not all credit cards are alike. Some offer low rates and decent rewards while others charge higher than industry rates and offer no incentives. Likely, most of the cards you have seen fall somewhere in between.

Maybe you have considered getting a new card recently. If so, let’s take a look at some of the popular credit card offers available today:

Low (or Zero) Percentage Rate Credit Cards — Lending rates remain low and there are still credit cards available with low rates, even 0% financing for balance transfers. Typically, these special rates are in place until the transfers are paid off; new purchases are usually charged at a higher rate.

Teaser Rate Credit Cards — To get you to use a new card, some lenders will offer you a special “teaser rate” that will run for several months, usually for as long as six months perhaps for a year. Purchases can be made at a very low rate (let’s say 3.9% for twelve months) and then rise to 15.9% or higher later on. These cards are popular with consumers who want to purchase an expensive item and pay it off over several months without incurring high interest charges.

Rebate Credit Cards — Make your credit card work for you! If this sounds like a marketing ploy, it isn’t: certain credit card providers will give you cash rebates on select purchases. For example,if you spend $2000 you could have $20 or $40 credited to your account — see each offer for specific details.

Award Credit Cards — Also known as rewards cards, an award card works like a rebate credit card: you get to choose prizes based on the number of points you have accumulated with your purchases. Usually, one point is awarded for every dollar spent and you can redeem those points online or through a prize catalog provided by the credit card company.

Pre-paid Credit Cards — For the consumer with bad credit or for students who at college, a pre-paid credit card allows holders to build up their credit while still having access to plastic. You don’t have to worry about carrying around a lot of money; if your car is lost or stolen you can replace it.

Many of the card deals mentioned are for MasterCard or VISA cards, but Discover and American Express have special offers which might be of interest to you too.


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Use Your Gift Cards Before They Expire

March 13th, 2008 by Matthew C. Keegan | 2 Comments | Filed in Consumer Financing

You’ve just moved into your new home and the welcome shower given by family members and friends yielded some gift cardvery desirable gifts. A tiffany lamp, garden tools, and a food basket were some of the favorite items received, gifts that will come in handy immediately.

Along with the usual gift items you also received several gift cards, those plastic credit card-sized “financial instruments” that allow you to purchase what you want for your home and when you want it. But, before you stash those cards in a drawer thinking that you’ll use them at a later date, you’ll want to use them up as soon as possible. If you don’t they could be worth less or worthless.

Sorry, Your Card Has Expired

Some gift cards expire after a certain amount of time while others are worthless because the merchant went bankrupt. Do you think that this will not happen to you? Think again!

The Sharper Image Goes Bankrupt; You Lose

Recently, specialty retailer Sharper Image filed for bankruptcy, with a plan to restructure the company after just over half of its 184 stores have been closed down. Initially, the company also said that they would not honor outstanding gift cards, effectively rendering these cards worthless.

Earlier this week, Sharper Image amended their policy to allow shoppers to use their cards as long as they spent twice the card’s value and they used the card all at once. In essence, in order to recover the value of the gift card, you would still have to pay out of your pocket at least an equal amount of money to use your card.

Monthly Fees Can Kill Your Card

Sharper Image isn’t the only company with restrictions on gift cards. Some companies will automatically expire their cards after a certain amount of time — typically, one year — but in some cases the cards really haven’t expired. You’ll just have to pay a monthly fee which will drain the balance over the next year. Most retailers do not have such policies but the credit card companies — Visa, MasterCard, Discover and American Express do.

Use It or Lose It

The best advice when it comes to gift cards? Use them immediately. Even if there aren’t monthly fees charged after one year or your card never expires, the longer you put off using the card, the greater the chance you will forget about the card or lose it.


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