Bank of America teamed up with Khan Academy to create this great tutorial about Debit Cards and Credit Cards, effectively covering all the bases related to both types of cards. It’s particularly helpful for kids, teens, and young adults to understand the benefits and drawbacks of each type of card.
The fact that banks have gotten a bit erratic with their credit policies is causing one well know financial advisor to completely change her advice. Suze Orman does a complete 180 and now says people should build an emergency fund before paying off credit cards. She advises this because “the sad reality is that the credit card industry is taking actions to protect themselves with no regard to your needs or how good you have been in paying your bills on time.” The article about her change in advice can be found here.
We previously mentioned American Express was paying some customers to go away. According to SmartMoney.com, while American Express and others are using carrots to get rid of customers others are using sticks. Apparently, Citibank is encouraging its debtors to make larger payments by giving a little bonus for certain customers who pay more than the minimum payment. And Chase seems to have taken a different approach, charging an extra fee for customers who maintain high balances.
If you have gotten a carrot or a stick from your credit card issuer, please share the details in the comments below for the benefit of our community.
Just in time for the end of tax season while there is still time to open an IRA, E*Trade has a promotion running for opening a new IRA account and getting 100 free trades. Some of the fine print on the offer says that customers must agree to electronic delivery of statements and confirmations. E*Trade will credit the account for commissions paid during the first 30 days on up to 100 trades. Active traders could save a bit of money.
Click below for more information.