*Receive a $50 statement credit after qualifying transaction(s) §§
*0% Introductory APR on balance transfers and cash advance checks for your first
12 billing cycles†
*No annual fee
Card at Glance
Who it′s for:
You want a credit card with a low APR and the flexibility to choose from different types of rewards
Introductory APR:
0%†
Introductory APR applies to your first 12 billing cycles on balance transfers and cash advance checks. You will lose the intro rate if you exceed the credit limit or are late with a payment. Payments you make will be applied to lower rate balance first.
Standard APR:
9.99% or 15.99%
Standard APR applies to purchases, balance transfers and cash advance checks after the Introductory APR expires.
Balance transfer/cash advance check fee:
3% of each such transaction (minimum $10)
Rewards
Earn and redeem your points for cash back, travel with no blackout dates, car rental and hotel rewards, brand name merchandise, or gift certificates§
Enjoy access to special Cardmember offers from American Express to save on shopping, dining, travel, hotels, and much more.
Earn 1 point for every $1 in net retail purchases§
Rewards begin at only 2,500 points
No limit to the number of points you can earn each year§
Points do not expire for 5 years§
Account Benefits
Absolute fraud protection against unauthorized use, online and offline
Car Rental Loss & Damage Insurance§ and Travel Accident Insurance**
Emergency Assistance Services and Emergency Roadside Assistance**
Retail Protection, and Extended Warranty coverage on purchases made with the card**
Access to the MyConciergeSM service, a unique personal assistance service**
24-hour Customer Service, Secure Online Account Access and electronic bill payment service.
Details of Rate , fee and other cost information
As required by law, rates, fees, and other costs of this credit card offer are disclosed here. All account terms are governed by the Credit Card Agreement sent with the card. Account and Agreement terms are not guaranteed for any period of time; all terms, including the APRs and fees, may change in accordance with the Agreement and applicable law. We may change them based on information in your credit report, market conditions, business strategies, or for any reason.
Sunday, November 4, 2007
Older Americans' credit card debt rising
Older Americans' credit card debt rising
Retirees relying more on credit cards
By John Egan
The rocky years of the Depression shaped frugal and debt-shy consumers, but towering credit card balances now compel many seniors to seek
Their growing mortgage debt and credit card balances are of real concern, says George Gaberlavage, a director of policy research and development at AARP.
Some credit card holders older than 55 --already coping with fixed incomes and escalating medical expenses -- court trouble with credit cards because they're being "sandwiched." A new survey by Ameriprise Financial Inc. shows seniors often assist parents and adult children with loans, health insurance, rent, utilities and other expenses.
"My experience is that credit card debt is one of the top reasons seniors seek bankruptcy protection," says Barbara Whipple, a bankruptcy attorney in Latham, N.Y.
"Older consumers who turn to me for help are embarrassed, ashamed and often do not talk to their children about their financial problems. The biggest complaint I hear is,'I pay and pay every month, and my debt doesn't go down, even when I don't make purchases,' " Whipple says.
The availability of credit "has gone through the roof" over the past two decades, aided by the advent of credit scores and Wall Street's buying and selling of credit card debt, says Liz Pulliam Weston, a personal finance author and columnist. Twenty years ago, older Americans were less susceptible to credit crises because lending standards were much more stringent, she says.
Cate Williams, vice president of finance at Money Management International, a nonprofit organization that offers financial guidance and debt management services, says she expects the percentage of older Americans seeking pre-bankruptcy counseling to climb.
They're supposed to be in the best of their financial years, Williams says, but they've got "serious, serious debt" to get rid of.
Katie Porter, associate professor at the University of Iowa College of Law and project director of the 2001 Consumer Bankruptcy Project, says older Americans are especially vulnerable to the dangers of credit cards, because, among other things, they’re less likely to use debit cards as an alternative.
A report this year from the Institute for Financial Literacy indicated 14 percent of Americans seeking pre-bankruptcy counseling in 2006 were 55 to 64, yet that age group made up 10 percent of the U.S. population. Credit card bills often account for most of the debt.
Porter quotes a review of thousands of credit card accounts by the Massachusetts Institute of Technology Department of Economics which suggests that older Americans borrow at higher interest rates and cough up more late-payment, over-limit and cash-advance fees.
They try to pay their bills, only to be trapped by high interest rates and fees, Whipple says.
Facing rising costs for basic necessities, older consumers often are forced to make a choice to go without or borrow to pay," says Bob O'Connell, a member of the AARP Executive Council. “Of course, many older people go without, often at serious expense to their own well-being. But for those who have chosen to rely on the plastic safety net, borrowing increasingly means sky-high costs and the very real prospect of endless ... debt."
Retirees relying more on credit cards
By John Egan
The rocky years of the Depression shaped frugal and debt-shy consumers, but towering credit card balances now compel many seniors to seek
Their growing mortgage debt and credit card balances are of real concern, says George Gaberlavage, a director of policy research and development at AARP.
Some credit card holders older than 55 --already coping with fixed incomes and escalating medical expenses -- court trouble with credit cards because they're being "sandwiched." A new survey by Ameriprise Financial Inc. shows seniors often assist parents and adult children with loans, health insurance, rent, utilities and other expenses.
"My experience is that credit card debt is one of the top reasons seniors seek bankruptcy protection," says Barbara Whipple, a bankruptcy attorney in Latham, N.Y.
"Older consumers who turn to me for help are embarrassed, ashamed and often do not talk to their children about their financial problems. The biggest complaint I hear is,'I pay and pay every month, and my debt doesn't go down, even when I don't make purchases,' " Whipple says.
The availability of credit "has gone through the roof" over the past two decades, aided by the advent of credit scores and Wall Street's buying and selling of credit card debt, says Liz Pulliam Weston, a personal finance author and columnist. Twenty years ago, older Americans were less susceptible to credit crises because lending standards were much more stringent, she says.
Cate Williams, vice president of finance at Money Management International, a nonprofit organization that offers financial guidance and debt management services, says she expects the percentage of older Americans seeking pre-bankruptcy counseling to climb.
They're supposed to be in the best of their financial years, Williams says, but they've got "serious, serious debt" to get rid of.
Katie Porter, associate professor at the University of Iowa College of Law and project director of the 2001 Consumer Bankruptcy Project, says older Americans are especially vulnerable to the dangers of credit cards, because, among other things, they’re less likely to use debit cards as an alternative.
A report this year from the Institute for Financial Literacy indicated 14 percent of Americans seeking pre-bankruptcy counseling in 2006 were 55 to 64, yet that age group made up 10 percent of the U.S. population. Credit card bills often account for most of the debt.
Porter quotes a review of thousands of credit card accounts by the Massachusetts Institute of Technology Department of Economics which suggests that older Americans borrow at higher interest rates and cough up more late-payment, over-limit and cash-advance fees.
They try to pay their bills, only to be trapped by high interest rates and fees, Whipple says.
Facing rising costs for basic necessities, older consumers often are forced to make a choice to go without or borrow to pay," says Bob O'Connell, a member of the AARP Executive Council. “Of course, many older people go without, often at serious expense to their own well-being. But for those who have chosen to rely on the plastic safety net, borrowing increasingly means sky-high costs and the very real prospect of endless ... debt."
'Point cards' offer virtual rewards to video gamers
'Point cards' offer virtual rewards to video gamers
If you absolutely must transform into a hulking red ogre, spend 'gamer currency'
By Bobbi Dempsey
There is a new kind of plastic currency. If you don't play video games, you've probably never heard of it. However, if you have a child or teenager or other video game buff on your gift list, then you need a crash course in "gamer currency," where you pay real money for virtual advantages in imaginary worlds. Gamer currency lets you buys items for use in or with the games, and it comes in the form of plastic "point cards."
As often is the case in the real world, the more you spend, the more you get. Want a new "skin" to change the look of your Xbox's Halo 3 game? That runs a mere 150 points. But a Carved Idol Trinket, which provides temporary transformation into a hulking red ogre in the World of WarCraft game? As one would expect, that costs serious points: 25,000.
Clearly, plus for gamers is they can buy cool stuff to enhance their virtual experiences. But there are downsides:
The easy-to-lose cards aren't refundable.
Once used, the cards aren't rechargeable or partially redeemable.
They're not globally valid, so cards purchased in one country won't work in another.
Local currency determines the price per point, so some regions pay more (in terms of effective cost relative to the dollar) for the same number of points.
The two main systems using these point cards in the United States are Microsoft's Xbox 360 and Nintendo's the Wii.
Wii PointsWii downloads, available via the online Wii Shop Channel, cost a penny per point, or $20 per card. You can buy Wii Points in stores or online from Nintendo. Outside Japan, only 2,000-point cards are available.
The Wii Shop Channel offers the Virtual Console, as "Wii Ware" selections won't be unveiled until early 2008. With the console, players can download games originally designed for older Nintendo systems -- games players can now put on the Wii (and store in the system's memory). Prices range from 500 points for games designed for the NES system to at least 1000 points for Nintendo 64 games.
Microsoft PointsThe Xbox Live Marketplace and Zune (an online music store) both use Microsoft points , which let players buy extra maps, weapons, "gamertags" and other aids to vanquish opponents. Players must create an Xbox Live account to use or redeem points through the xbox.com site.
Microsoft plans to expand its Xbox points system to allow user-to-user transactions (say, if players want to buy from each other), although with no concrete target date.
World of Warcraft prepaid time cards bypass the risk of using credit cards for up to 60 days of playing time for World of Warcraft, an immensely popular role-playing game that requires users to pay a monthly subscription fee. An added advantage: If paying by credit card, users must pay an automatic monthly fee unless they cancel, whereas the time card involves no commitment.
Where to buyWii and Microsoft point cards are available at Target, Circuit City, Best Buy, Wal-Mart, EBGames and GameStop, in cartons or thick plastic packaging -- similar to the packaging of games -- to prevent theft, but Microsoft recently switched to a register-activated system to validate the cards. A scratch-off area on the cards reveals the unique code, which users must enter online (for both Microsoft and Wii cards) to redeem the points. www.worldofwarcraft.com
If you absolutely must transform into a hulking red ogre, spend 'gamer currency'
By Bobbi Dempsey
There is a new kind of plastic currency. If you don't play video games, you've probably never heard of it. However, if you have a child or teenager or other video game buff on your gift list, then you need a crash course in "gamer currency," where you pay real money for virtual advantages in imaginary worlds. Gamer currency lets you buys items for use in or with the games, and it comes in the form of plastic "point cards."
As often is the case in the real world, the more you spend, the more you get. Want a new "skin" to change the look of your Xbox's Halo 3 game? That runs a mere 150 points. But a Carved Idol Trinket, which provides temporary transformation into a hulking red ogre in the World of WarCraft game? As one would expect, that costs serious points: 25,000.
Clearly, plus for gamers is they can buy cool stuff to enhance their virtual experiences. But there are downsides:
The easy-to-lose cards aren't refundable.
Once used, the cards aren't rechargeable or partially redeemable.
They're not globally valid, so cards purchased in one country won't work in another.
Local currency determines the price per point, so some regions pay more (in terms of effective cost relative to the dollar) for the same number of points.
The two main systems using these point cards in the United States are Microsoft's Xbox 360 and Nintendo's the Wii.
Wii PointsWii downloads, available via the online Wii Shop Channel, cost a penny per point, or $20 per card. You can buy Wii Points in stores or online from Nintendo. Outside Japan, only 2,000-point cards are available.
The Wii Shop Channel offers the Virtual Console, as "Wii Ware" selections won't be unveiled until early 2008. With the console, players can download games originally designed for older Nintendo systems -- games players can now put on the Wii (and store in the system's memory). Prices range from 500 points for games designed for the NES system to at least 1000 points for Nintendo 64 games.
Microsoft PointsThe Xbox Live Marketplace and Zune (an online music store) both use Microsoft points , which let players buy extra maps, weapons, "gamertags" and other aids to vanquish opponents. Players must create an Xbox Live account to use or redeem points through the xbox.com site.
Microsoft plans to expand its Xbox points system to allow user-to-user transactions (say, if players want to buy from each other), although with no concrete target date.
World of Warcraft prepaid time cards bypass the risk of using credit cards for up to 60 days of playing time for World of Warcraft, an immensely popular role-playing game that requires users to pay a monthly subscription fee. An added advantage: If paying by credit card, users must pay an automatic monthly fee unless they cancel, whereas the time card involves no commitment.
Where to buyWii and Microsoft point cards are available at Target, Circuit City, Best Buy, Wal-Mart, EBGames and GameStop, in cartons or thick plastic packaging -- similar to the packaging of games -- to prevent theft, but Microsoft recently switched to a register-activated system to validate the cards. A scratch-off area on the cards reveals the unique code, which users must enter online (for both Microsoft and Wii cards) to redeem the points. www.worldofwarcraft.com
Thursday, November 1, 2007
CITI Professional Card with Thank you Network
*Get 10,000 bonus ThankYou Points after first purchase, redeemable for a $100 gift card.
*Earn 3 ThankYou Points for every dollar you spend on business purchases, at restaurants, gas stations, on auto rentals and at certain office supply merchants.**
*Designed to be used for business purposes only.
*Earn 1 point for every dollar you spend on other purchases.**
*No annual fee.
*A unique Online Expense Organizer that helps you use your online statement to customize reports for billing or reimbursement.
*Categorized monthly statements and quarterly and annual summaries.
*0% APR on Balance Transfers for 12 months.††††
- The 0% APR on balance transfers does not apply to purchases or cash advances.
- The 0% APR may increase if you default under any Card Agreement you have with us or fail
to make a payment to another creditor when due.
- Your payments will be applied to low APR balances before higher ones
Please read these Terms and Conditions.
By submitting this Application, you request on behalf of yourself and the Business that Citibank (South Dakota), N.A. (Citibank) establish a CitiBusiness® Card account ("Account") and issue a CitiBusiness® Card ("Card") accessing such Account, to you and any additional Cardholders you have designated. You understand that all information provided in this Application must be verifiable and accurate. Both you and the Business shall be liable individually and jointly for all charges and balances on the Account. The Account established and Cards issued hereunder shall be used for business purposes and shall be governed by the cardmember agreement ("Card Agreement") provided when the Card is issued, and as it may be amended from time to time.
Federal law requires Citibank to obtain, verify and record information that identifies each person and Business who opens an account, in order to help the government fight the funding of terrorism and money laundering activities. To process the Application, Citibank must have your name, street address, date of birth and other identifying information such as your Social Security Number. Also, Citibank must obtain the Business' legal name, its street address, and its Taxpayer Identification Number. You understand that Citibank may ask for additional identifying documents from you and the Business as well.
Citibank is authorized to investigate, obtain, and exchange credit reports about you and the Business from time to time. Information gathered about you or the Business may be used to verify your identity and the identity of the Business and to determine eligibility for the Account and any renewal or extension of credit. If asked, Citibank will indicate whether a consumer credit report has been obtained and the name and address of the agency that supplied the report.
If this Application for an Account is approved, a specific credit line will be assigned based upon your credit report and/or the credit report of the Business. Once you receive the Card, you must contact Citibank if a higher credit line is desired. You understand that Citibank may require that you submit additional documentation, such as the Business's financial statements, in order to process your request for a credit line increase. The Authorized Officer must be 18 years of age or older. This offer is available only if the Business does not already have a CitiBusiness® Card and, within the previous 90 days, has not applied for or received a CitiBusiness® Card.
By using the Card, authorizing its use, or not canceling the Account within 30 days after receipt of the Card, you and the Business agree to the terms of the Card Agreement, which will be sent with the card.
CITI Business Card with Thank you Network (Business Credit Card)
*Get 10,000 bonus ThankYou Points after first purchase, redeemable for a $100 gift card.
*Earn 3 ThankYou Points for every dollar you spend on certain business purchases like office supplies and business services .*
*Earn 1 point for every dollar you spend on other purchases.*
*No annual fee.
*Your company name on each card.
*Quarterly and annual account summaries broken out by employee and purchase category.
*0% APR on Balance Transfers for 12 months.†††
- The 0% APR does not apply to purchases or cash advances.
- The 0% APR may increase if you default under any cardmember agreement you have with
us because you pay us late, go over your credit limit, or have a returned check.
-Your payments will be applied to low APR balances before higher ones.
Terms and Conditions Reward Program Information
ThankYou NetworkCitiBusiness Card with ThankYou Network Terms and Condition.
•
ThankYou® Network is offered to certain cardmembers (“you”) at the sole discretion of Citibank (South Dakota), N.A. (“we”), the issuer of your card account (“Card Account”). ThankYou Network or any portion thereof may be revised or terminated with 30 days prior written notice. If ThankYou Network is terminated, you will only have 90 days from termination date to redeem all your accumulated ThankYou Network points ("ThankYou Points"). However, ThankYou Network rewards may be changed or substituted, as well as ThankYou Point levels required for specific ThankYou Network rewards adjusted, at any time without prior notification.
•
Unless you are participating in a limited-time promotional offer, you will earn three ThankYou Points for every dollar you spend on purchases at certain office supply merchants, and on professional services, and one ThankYou Point for every dollar you spend on all other purchases. You can only earn ThankYou Points on purchase transactions, no other transactions qualify. Office supply merchants are defined as stand-alone merchants that primarily sell stationery and office supplies for business consumption. Professional services are defined as stand-alone tax preparation, accounting, bookkeeping, and legal services providers that provide their respective services to businesses.
•
Purchases not eligible to receive the three points include, but are not limited to, purchases made at warehouse clubs, discount stores, department stores and convenience stores. Online, catalog, mail order and telephone purchases are not eligible to receive three ThankYou Points unless the merchants appropriately identify the transactions.
•
We do not determine whether merchants appropriately identify all transactions you make on your Card Account, but we do reserve the right to determine which purchases qualify to receive ThankYou Points. You can earn up to 100,000 ThankYou Points during any calendar year (eligible purchases appearing on your January–December billing statements). You may earn ThankYou Points as long as your Card Account is open and current. ThankYou Points expire three years from the end of the calendar year in which they are earned unless ThankYou Network is terminated.• If you are approved for a Card Account, a ThankYou Network Member Account (“ThankYou Member Account”) will be set up for you, the Authorized Officer. ThankYou Points post to your Card Account at the close of each billing cycle, and at that time we will transfer ThankYou Points you earned to your ThankYou Member Account. The ThankYou Points transferred to the Authorized Officer’s ThankYou Member Account will include those earned through purchases made with an additional employee card. ThankYou Points are not eligible for redemption until they are transferred to your ThankYou Member Account. ThankYou Points can only be redeemed by the Authorized Officer, but may be used for another person.
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