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Mr Credit Card’s Survey: My Personal Answers… And yours?

April 6, 2008 | Posted by InvestorBlogger |  Read these 4 comments

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I just received this email from Mr Credit Card who asked me to share my answers with him for a report he is doing. Rather than just do that, I thought I would share my answers with all of you…

Mr Credit Card here. I am conducting a survey among personal finance,
investment bloggers about their credit cards and would appreciate if
you would participate in this survey. I would compile the results and
publish it in my blog

http://www.askmrcreditcard.com/creditcardblog/

and credit you and your site for participation. Below are the questions :

This kind of request could be great linkbait!… Anyway my answers!

1. How many credit cards do you have?

I currently have two credit cards in my wallet only. My wife has a dependent’s card on my primary account. Is this an average amount?

2. Which are the credit cards you have (please be specific about the actual cards - eg Amex blue cash or Chase Freedom)?

I don’t have any American cards at all: both cards are from local banks in Taiwan.

3. Do you have any credit card debt and if yes, how much?

I don’t currently have any amount of outstanding debt on either card. I do occasionally let a little amount ride over but I always regret it when I see the additional interest charges to be paid.

4. What is the apr you are paying?

If I have any outstandings, I’m informed that my APR would be 11.50% on that amount.

5. What is your average FICO score?

I don’t know. It’s not relevant in Taiwan.

6. Have you got any credit cards solely for balance transfer?

I’d like to, but banks here don’t do this to my knowledge.

7. If yes - which card?

N/A.

8. Do you charge your utilities, cable bills and internet bills etc to your credit card?

I only charge my mobile phone bill to my credit card because I usually pay most bills at 7-11.

9. Is your credit card bills set up such that it is automatically paid every month?

No, it isn’t. It should be. But I didn’t do it.

10. Do you use your credit cards at gas stations and supermarkets?

Gas stations - No. Supermarkets - Not regularly.

11. Which is your favorite credit card? (be specific, not visa or mastercard as an answer pls)

I prefer my Gold Card from Taishin Bank.

12. Which is your favorite credit card issuer? (banks, not visa or mastercard)

Citibank. But I don’t have one because they’re too fussy about financial details.

13. When did you get your first credit card? What was the card?

I had a credit card in University which undoubtedly was a mistake. I think it was a British card from Co-op but it was so long ago, I can’t remember.

I think there are several ways that I could really profit from using my credit card more, though. Reading these questions helped me think through the benefits.

I could charge all my gasoline to the card, and get bonus points. I could also charge almost all my larger purchases to it, and get an effectively interest free loan for the first 30 days or so. By putting that money in the bank, I could certainly earn 2.5% pa on my monthly expenses. There are also quite a few offers that my Credit Card company provide, some of which I could take advantage of.

What answers do my readers have to some of these questions? Share your answers in the comments.

Filed Under Expenses | Read these 4 comments 

Keep tabs on your budget: send yourself notes, SMS, even email!

March 14, 2008 | Posted by InvestorBlogger |  Read these 2 comments

In this regular feature, InvestorBlogger will publish stories and experiences that we all face everyday. This story is especially useful for those considering first time mortgages, especially those with extra frills (like credit cards, extra loans, 100%+ financing…),

When I bought my house, my mortgage company offered me a credit card that seemed like a very good deal. They would apply 1% of my purchases to my mortgage principal when that one percent reached $25. I accepted the card and I paid off the entire balance every month but found myself getting into a bit of trouble after about four months.

I paid off the balance each month and incurred no interest, but I was beginning to spend more. That end table was great and less than fifty dollars. A garden hose for next summer was on sale. I could replace my cheap microwave at 60% off and help pay down my mortgage.

One month the bill came in and I was glad I was sitting down. I’d gone from buying essentials to just buying and believe me, that was a very tough month to live through! Now I subtract charges from my checking balance, writing the amount in red. No more surprises when I treat the card as a debit card. I keep a better eye on expenses and don’t overspend. I’m still paying down my mortgage from my everyday purchases—just a little more sensibly.

Thanks

Shopper

InvestorBlogger writes:

However you pay when you out shopping, it’s always good advice to keep a track of the expenses that you incur. A little note in your notebook, an SMS, or a message on your answer machine/in your email-box… all of these are good reminders in case you threw away the credit card receipt. Of course, you shouldn’t throw them away, either. But this way you can double check your purchasing, and keep tabs on whether you are exceeding your budget or not.

More importantly, though, tying other financial products to your mortgage may not always be a good idea. Additional lines of credit, such as personal loans, 2nd home loans, credit cards, etc., may increase the loading of loans on you, increase the rates that you may for such loans, and may (as the writer found out) make repayments even more difficult on the primary mortgage, as well as other outstandings.

 

Filed Under Expenses | Read these 2 comments 

Identity Theft: It Could Happen To You! Protect Yourself

March 11, 2008 | Posted by InvestorBlogger |  Read these 2 comments

Identity theft is a serious and growing crime that inflicts serious damage on over 9 million people a year in the US alone. Identity theft can be placed on a par with break-in and robbery of an individual’s home in terms of psychological effects. The financial ramifications can be far more serious than the common burglary.

What is Identity Theft?

Identity theft involves the illegal use of a real person’s identity and financial standing to benefit an unscrupulous criminal. The Federal Trade Commission in the US says that over 40% of all complaints it receives relate the stolen personal and financial information.


Creative Commons License photo credit: jm3

Identity thieves use another person’s identity, to obtain credit in the form of credit cards, mortgages, store cards and every other conceivable line of credit. The average victim loses out to the June of over $6,000; some victims suffer much larger losses.

Identity Theft vs. Identity Borrowing

Financial identity theft is the act of stealing another person’s financial information such as bank records. This information is then used to obtain lines of credit and loans. They can also aid the criminal in obtaining forged checks, enabling them to raid the victims checking and savings accounts.

Identity cloning is slightly different in that it involves the duplication of the owner’s personal identity. The thief will then use the victim’s id to open bank accounts and lines of credit cards and mortgages. They may keep the assumed identity for long periods of time.

The thieves find their information through a multitude of ways including computer fraud. This can involve impersonating a large company or bank and asking the victim to sign in using their password to resolve some perceived problem with their account.

Less high-tech means of gaining information include rifling through trash to find credit card statements and other basic information gained from financial and non-financial correspondence.

How do you protect yourself?

To protect itself from these unscrupulous individuals and criminal gangs members of the public need to be constantly vigilant while online, avoiding giving away even minor personal information.

Shopping online, with companies that are not well known, is one particularly well exploited avenue for of obtaining all the information and ID thief needs.

Antivirus and firewall protection, combined with what is known as anti-phishing software and essential tools on all home computers.

To avoid ‘dumpster diving’ credit cards and other financial statements should be shredded before disposal. Credit cards and bank statements should be carefully checked for strange purchasers and other inconsistencies.

Any credit offer coming to the house in the form of junk mail should also be shredded as they often contain vital financial information. Within the home, personal and financial information should be hidden and safeguarded as if it were cash, and not just left out on the kitchen table.

Mail should be retrieved from the box as soon as possible to avoid theft of useful information. Unless you are very familiar with the company no credit card information, should have been given out over the phone.

Filed Under Expenses | Read these 2 comments 

What’s in your wallet? Money Meme

January 24, 2008 | Posted by InvestorBlogger |  Read these 5 comments

Here’s a picture of my wallet as it is right now… It’s quite a bulky thing, but that’s probably because of all the crap I keep in it! I don’t usually carry it in my pocket! It’s in my bag most of the time.

P1000555

So, let’s see what is in it!

P1000557

One Taiwan ARC Card; two driving licenses; one car registration; two insurance cards (one already out of date); one bank account number (why?); a 2007 calendar; one NT$1000 bill; a National Health Insurance IC card; an MRT card (called EasyCard!); a CostCo Membership card; a Telephone Card (with IC); a Subway Customer Card (we have one near here!); a MasterCard and some ATM cards, none of which I use particularly often; and a NT$5 coin. That’s it. Oh, and I found an insurance sticker with a phone number that I SHOULD stick on my car window, but always forget to…

It was helpful, I threw out the old calendar, and reminded myself to renew my car registration; I also have to stick the Insurance Sticker on the window, just in case.

OK. So here goes: who’s going to follow me in this meme! Let’s see if Elizabeth at Table for Five will…!

Do mention in the meme: This meme was started by InvestorBlogger.

Filed Under Expenses | Read these 5 comments