FABB.log » Credit Cards

New York Times: Credit Card Stats for the Consumer

Andrew — Tue, 26 May 2009 17:15:52 +0000

We’ve come to expect credit card companies to bury the important facts about their cards in the “fine print.” But why should that happen? Shouldn’t we expect, as consumers, that the card companies would work to make things clear for us? At the end of the day, we will be more content with the services they offer us if we know what we’re getting into.

For their Op-Ed piece “Healthy Credit,” The New York Times enlisted the directors of Design for Democracy, a “nonprofit group that promotes accessible and transparent civic communications,” to design a Credit Card Facts box much like the Nutrition Facts Box made standard with the Nutrition Labeling and Education Act of 1990. Here are the results:

While a Nutrition Facts box doesn’t tell us everything we should know about a food product, we, similarly wouldn’t expect a Credit Card Facts box to tell us everything. But requiring credit card companies to highlight the most important aspects of a credit card agreement would pair nicely with the recently signed legislation designed to protect consumers against unfair fees and penalties (recently described in the article “What the Credit Card Holder’s Bill of Rights Means to You” over at Mint.com). We at FABB support the NYTimes and Design for Democracy’s “Credit Card Facts” box design, and hope that this design or a similar one will help both the consumers with credit cards and the companies who offer them by clarifying the contractual agreement before costly misunderstandings occur.

FYI: Becoming “Un-Broke” Gains Popularity

Andrew — Tue, 26 May 2009 16:30:53 +0000

My Money Blog tipped me off to a special ABC is running this Friday (the 29th) called “Un-Broke: What You Need To Know About Money.” Stars like Will Smith, Samuel L. Jackson, Rosario Dawson, and the E*TRADE babies will show up in prime time TV to fill us in about saving money, the stock market, credit cards, and 401(k) retirement plans.

Here’s a bit of Seth Green’s ’skit’ in the show, where he discusses the fundamentals of a smart mortgage from his MTV-style “crib.” If the rest of the show is anything like this, I’m sure it will be great.

Un-Broke: The Seth Green Cribs Edition

UPDATE: Michael over at Money Musings has a pretty funny rant titled “Un-Broke? How about Un-Watchable?” regarding the show. A quote:

And the Jonas Brothers tutoring us on stock-market indexes?

THE JONAS BROTHERS?

Are you freakin’ kidding me?

Not going to lie, I didn’t tune in myself. And while I can agree that most television is designed for entertainment rather than education, I gotta say the above Seth Green vid still makes me happy.

Link Round-Up: Earn Some Financial Know-How

Andrew — Tue, 07 Apr 2009 12:21:28 +0000

April is national financial literacy month, and we hope that we’re doing our part to help you understand one particular part of your financial life–your checking account. We’ve added an important segment to this blog– “Checking Accounts – Everything You Need To Know,” (see the tab above!). It’s a pretty ambitiously titled segment (and of course, the section is still growing), but we hope it can provide you with more than enough information to help you understand all the twists and turns of owning a checking account, whether you’ve had a checking account since 1924 or you’re turning 24 this year. And, of course, don’t forget to our use our checking account comparison tool FindABetterBank to help you find the account that fits you best.

Here’s a hodgepodge Link Round-Up, a mix of outstanding links from around the web to help you know a little more, earn a little more and spend a little less.

Brush Up: Finance Lit 102

For some tips on financial literacy, why not brush up on some common interest rate terms to help you navigate the world of savings and loans? Jim at Bargaineering explains the difference between APR and APY in this quick video, part of his Bargaineering VideoCast series.

(Relatively) New Subject: Rewards Checking Accounts

Looking to put your money in a safe place but still earn interest? J.D. at Get Rich Slowly writes a great article as part of his Financial Literacy Compendium about rewards checking accounts, which earn high interest (think 4% or more!). These accounts are designed for people who use their debt card often and receive e-statements instead of paper statements (as these are two common requirements to earn the high interest rate). Check out J.D.’s article for a great introduction to rewards checking accounts and browse High Yield Checking Deals for rewards accounts in your neck of the woods.

Old Subject Gone New: Credit Cards

Steve Sildon from Credit Card Assist guest writes for The Digerati Life about how credit cards are changing. The credit crisis has hit the common credit card, making “0% APR” introductory periods more difficult to come by and airline miles more difficult to earn. Anyone who owns a credit card (or four!) should find his article, “Your Credit Card Benefits and Features Are Changing Rapidly”, a huge help.

Parting Words: A Penny Saved Is…

…EASY to come by with another post from Get Rich Slowly titled, “How To Find Great Deals on Vacation Travel”. This article covers all of the major and many of the minor travel ticket sites around the net that his Twitter followers suggested. You just might find that the summer vacation you were hoping for is possible (A round trip from JFK to San Francisco can be only $48? Are you serious?)