Danielle DiMartino Booth tell us what is really going on at the federal reserve board and why this might not end so well. We discuss her new book, Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America.
What Do You Do If You Can’t Return a Gift?
Inevitably a good percentage of us will return a gift that we have received at Christmas. Most of the time, returns are pretty easy. However, there are the times when it doesn’t work out. Do you have any recourse? Wallethub.com who we get a lot of our credit card research from just issued a report that I thought was useful to share with you.
They state that many credit cards offer a return extension service. This card benefit allows you to get reimbursed for an item that you were trying to return but couldn’t. The report details out how this benefit works and what cards have the best benefit. For more information, click here.
This will be my last note of 2016. I want to encourage you in this great Christmas season to focus on the Present. The past is gone and the future is unknown. The Present is the only thing that is real. The Present is God’s Gift to us. There is a tendency to let the past create regret and the future to create stress when the past is nothing but a memory and the future is under God’s control. I would encourage everyone to take some time and reflect in gratitude on the Present all of God’s blessings and reflect on that Holy Night when God gave us the greatest Present of all. May each of you have a wonderful and Merry Christmas!
An App That Will Help You Get the Best Deals This Christmas
I get all types of press releases sent to me during the week. When I come across something worthwhile, I want to pass it on to you.
Have you ever bought something at full price and then find out it went on sale? Well, there is a new app by Slice called Slice Drops that gets shoppers money back when items they have previously bought go on sale.
Slice Drops cashes in on a little secret savvy shoppers know: many merchants will refund you the difference if something you bought goes on sale after you bought it. This new free app scans billions of online purchases, and once it sees that an item you bought is on sale, it not only tells you about it, but will send an e-mail on your behalf to get you your refund. It is that easy.
Slice has been helping online shoppers keep track of their online purchases with its indispensable Slice shopping app, which tracks packages, spending, and sales to save shoppers time and money, for years. The price drops function was a favorite feature, so they decided it deserved its own app that tracked price drops better than ever – including offering price protection on Amazon purchases – and called it Slice Drops.
Slice saves the average user more than $30, but we’ve heard from people who have gotten hundreds of dollars refunded on purchases.
Newest Credit Cards Are Consumer Traps – Be Careful
They tempt you with 0% balance transfers for long periods of time. They try to attract you by offering rich rewards programs. The reality is today’s credit card offers are more abusive than ever and are nothing more than a trap.
When applying for a credit card, most consumers read the one page terms and conditions. However, that is not where the real details lie. The real details are in the cardmember agreements. This is a much larger document. However, the credit card companies don’t make these readily available. They send this to you in the mail after you already have the card. If you use the card once, you have agreed to the terms of the contract. I can sum it up this way.
If you make one mistake, you can actually ruin your credit and have legal action taken against you. Here is a sampling from one of the Citi-cards cardmember agreements.
Penalty APR. If you have a Late or a Returned Payment, we may apply a penalty APR to your account. We determine your penalty APR based on your creditworthiness. (That is pretty standard.)
Closing or Suspending Your Account. We may close or suspend your Account if any of the events listed above occur, or for any reason, or for no reason. We may do this at any time, without notifying you, as allowed by law. We may cancel your current card and issue you a substitute card at any time. If we close or suspend your account, or if you close your account, you must pay us all amounts you owe on the account, even if they post to your account after it’s closed or suspended (my underlining for emphasis).
This section provides that disputes may be resolved by binding arbitration. Arbitration replaces the right to go to court, have a jury trial or initiate or participate in a class action. In arbitration, disputes are resolved by an arbitrator, not a judge or jury. Arbitration procedures are simpler and more limited than in court (this protects the credit card company – the consumer rarely wins in arbitration cases).
Collection Costs. To the extent allowed by law, you’re liable to us for our legal costs if we refer collection of your account to a lawyer who isn’t our salaried employee. These costs may include reasonable attorneys’ fees, as well as costs and expenses of any legal action.
So, let me get this right. A credit card company can close your account at any time without even a reason, charge you penalty rates if you are late with your payment, demand that you pay in full at any time, and then if you have a complaint against them take away your right to try your case in a court of law. Oh and if they declare you in default and demand payment and you cannot pay, they will put you into collections and you will be responsible for all of the attorney fees that occur while trying to collect your account.
Credit card agreements are the only consumer contract where the deal can change at the whim of the credit card company. Is it any wonder they don’t make the details readily available?