8 Fascinating Insights about Credit Cards
8 Comments- Get free updates of new posts here
I combed the internet to find the most interesting stories about credit cards for you. Here are 7 of my favorites.
1. The Tactics of Discover Card Reps
How did the telemarketers supposedly trick customers into signing up for the products? The Minnesota attorney general’s office gave us audio files of some of the calls,
2. I am a Fraud prevention agent for a major credit card company. Ask me anything.
An anonymous fraud-prevention specialist from Visa answers questions. Lots of fascinating behind-the-scenes Q&A
3. Credit Bailout: Issuers Slashing Card Balances
Credit cards are now allowing people to settle balances for less than the full amount they owe. They’ve done this for years but now it’s finally getting publicity. Note 2009 pub date. Counterargument here.
4. The Real Problem with Credit Cards: The Cardholders
Lots of examples of how consumers make decision-making errors about credit cards (teaser rates, etc), even if all the information is in front of them. “Informational influence” is the least persuasive of all. Yet clueless politicians (and regular Americans) will continue calling for “more disclosure,” as if that alone will solve the problem. Wrong, wrong, wrong.
6. The Debt Trap
Very sad short video about a woman who got into too much credit-card debt.
7. How Much Do You Owe? Guess Again
“It would appear that Americans don’t even know how much they owe. Households underreport the magnitude of their credit card debts by at least one-third, according to a new study from the Federal Reserve Bank of New York. The difference for the average household is more than $2,000. Only 50 percent of households reported any credit card debt, while credit card companies reported that 76 percent of households owed them money.” WTF, but also not surprising.
8. Coming soon…The Definitive Guide to Credit Card Rewards
I’ve written about credit card rewards before, but as I was combing the internet, I wanted to find the definitive guide to credit card perks. I found a lot of great tips, but nothing comprehensive. So I’ve decided to write it myself and share it with you here for free.
But I need your help.
I want to hear all of your credit card perk tips and hacks. What are your favorite rewards cards? Any hidden credit card perk dangers you learned about the hard way? Any good credit card reward stories?
Share them here and I’ll include the best ones in my upcoming guide.
Next month, I'm heading into my studio to record a whole new series of videos for you. My goal -- ...Read More
Hi, I’m Ramit Sethi, and I’m going to show you how to make more money. Legitimately (I’m ...Read More