As an increasing number of people find plastic as the only form of payment in their pockets, some cash-reliant people, from waiters to street musicians to bell-ringing kettle Santas, are having to adjust.
Because the movement of cash is hard to track, the evidence so far is anecdotal, but it appears that those who rely on paper dollars and coins are starting to suffer some hardships.
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With sign-up bonuses for airline rewards cards hitting new heights, savvy frequent fliers can pocket thousands of extra miles -- for free -- by signing up for a succession of credit cards with mileage bonus offers. Pocket the miles, ditch the card, and repeat as necessary.
It's a good time to go for the rewards, say industry observers: As lenders and airlines compete for the prized frequent flier demographic, credit cards are offering bigger and better airline mileage extras to woo new customers. Getting such cards one after another is a strategy that can put your credit score at risk, but credit experts say responsible credit users can manage it.
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The Federal Reserve's rate-setting committee, in an effort to combat a likely recession, slashed a key short-term interest rate Tuesday, this time by three-quarters of a percentage point. The move by the Federal Open Market Committee followed a half-percent rate cut Jan. 30 and brought the federal funds rate down to its lowest level since December 2004. |
Climbing the corporate ladder? Then don't slip on a corporate credit card.
Used wisely, corporate credit cards can help you simultaneously achieve career goals and reap personal perks. Used poorly, they can lead to a corporate freefall, or at least a drop of a few rungs.
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A typical credit card weighs less than a quarter of an ounce, but when you consider that there are more than 1 billion cards in circulation today, that's an awful lot of plastic. While most people think that an expired card is best shredded and tossed, there are a creative few who are happy to breathe new life into old cards -- and who are doing their part to keep that plastic from heading to the landfill.
Old credit cards are being recycled into everything from guitar picks to jewelry. Tiffany Threadgould, who sells earrings made from credit cards, says it's easy to see the appeal: "Credit cards are so abundant and iconic," she says. "When you can tell what the first life of an item is, it's educational and shows others what can be created out of scrap materials."
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Earth Day 2008 is nearing, and U.S. banks already have a variety of environmentally friendly initiatives in place. Financial institutions are demonstrating their commitment to the earth through the use of recycled paper and office recycling programs, a focus on energy efficiency, educational efforts, the purchase of carbon offsets, adherence to industry standards and environmental event sponsorships. |
Welcome to the inaugural column of "Maturing Loans," a weekly column designed to answer questions and address credit card needs and issues as they apply to retirees and baby boomers getting ready to retire. |
The recent spate of unattractive earnings announcements from credit card issuers spells bad news for bank shareholders. The fallout is also causing pain for certain classes of cardholders, while offering new opportunities for others. |
Paper checks are so yesterday, says a 2007 survey conducted by the National Association of College and University Business Officers (NACUBO). As corporate America moves toward "paperless offices," universities and colleges are following suit, enabling students to pay their tuition and fees with credit cards, e-checks and electronic fund transfers. |
Federal regulators have taken a first pass at creating rules to stamp out illegal online gambling via credit cards. Judging from the reaction, the Feds came up snake eyes.
The rules are an attempt to block online gambling by requiring banks and credit card companies to prevent "illegal" transactions. A public comment period on the rules ended in mid-December, and the reviews were harsh. The payment industry is up in arms, claiming the act is vague and unenforceable, while gamblers feel it is an attack on their personal freedom.
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