Nazareth College / Flickr source If you’ve got a few friends graduating this year, it may be time to whip at your credit card. As previously reported, issuers tend to offer seasonal discounts through their bonus malls or via Twitter that can save customers some cash in the long run. Here are some of the better deals issuers are offering in anticipation of graduation day. American Express is celebrating graduation season by offering its cardholders 5 times the points back on purchases made at select retailers who offer some grad-friendly merchandise. This includes The Apple Store, The Home Depot, HP, Kohl’s, Saks Fifth Avenue, Land’s End, Omaha Steaks and electronics companies JR.com and TigerDirect.com. Cardholders should log into Amex’s rewards website, then click “earn points” ... Continue reading →

NEW YORK (MainStreet) — The right credit card can save you plenty of money on some summer fun. In addition to ample rewards on airfare or hotel accommodations, the best travel cards now let you skirt foreign transaction fees, get you access to some exclusive events, feature cool airfare perks and carry reasonable annual fees. But choosing the card that will best serve your summer plans can require a bit of introspection. “If you have an allegiance to a particular hotel or airline, a co-branded credit card many be best for you,” says Erik Larson, president of product research site NextAdvisor.com. For example, United frequent flyers may want to opt for the airline’s Mileage Explorer card, which in addition to some decent rewards, entitles cardholders ... Continue reading →

May 23 2012Consumer Financial Protection Bureau considers rules on prepaid cards By Ashley Gordon Bureau Aims to Promote Safety and Transparency in Emerging Prepaid Market; Launches Ask CFPB: Prepaid Cards WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) took the first step toward adopting consumer protections for the fast-growing prepaid card market. The Bureau’s Advance Notice of Proposed Rulemaking seeks input on how to ensure that consumers’ funds on prepaid cards are safe and that card terms and fees are transparent. “The people who use prepaid cards are, in many instances, the most vulnerable among us,” said CFPB Director Richard Cordray. “All consumers need, and deserve, products which are safe and whose costs and risks are clear upfront. Yet right now prepaid cards ... Continue reading →

Millennials aren’t scoring so high when it comes to credit. According to data compiled by credit bureau Experian, the youngest credit demographic has the lowest average credit score, collectively netting a 672 on the VantageScore scale. This is nearly 80 points lower than the national average score of 751. (Just a reminder, VantageScore operates on a scale of 500 to 990 with a 672 falling in its “D” range and a 751 earning a “B.”) Some of this lackluster performance literally has to do with age. Longevity plays a role in calculating a credit score, with older reports earning more points than newer ones. But there are more disheartening trends at work. “[Millenials] are carrying a lot of debt in installment loans,” says Maxine Sweet, ... Continue reading →