My Personal Finance Blog

You may get bargains at the store checkout. You may get an award or “cash back” for using your credit card. You may get a store rebate. What you may not get is a low credit card interest rate because the Federal Reserve Bank keeps increasing your borrowing costs. The bench mark interest rate is known as the “prime rate When the Federal Reserve Bank raises the federal funds rate, your bank will ratchet their prime rate. Your bank’s prime rate plus a margin rate your bank charges above prime determines your credit card charges. Many consumers do not want to read the fine print of their bank’s credit card agreement. Often confused by the terms, we accept them with gratitude because we can borrow money.

You may not like or even know about Alan Greenspan or his successor. You may dislike all Republicans or harbor disdain for Democrats. Whatever your political leaning, the U.S. government helps to educate and to protect you as a credit card holder. The Federal Reserve Bank raises and lowers rates. It also educates and protects. Education diminishes fear; knowledge gives you courage. Take a look at these free resources:

*Choosing a Credit Card: http://www.federalreserve.gov/pubs/shop/default.htm

*Your Credit Report: What It Says About You: http://www.federalreserve.gov/pubs/consumerhdbk/

*Review other Federal Reserve Bank Consumer information: http://www.federalreserve.gov/consumers.htm

*Frustrated by credit card debt? The Federal Trade Commission provides educational resources: [http://www.ftc.gov/bcp/conline/edcams/credit/index.html]

When backing out of the driveway, many of us sing the ditty, “I owe…I owe…It’s off to work I go.” Driving down the highway of boredom to the office, our radios blare music and news: “Ecuador’s record banana harvest prompts the Dole Food Company to sell grocery market bananas at 19 cents a pound instead of 29 cents.” Meteorologists drone: “Hurricane Katrina bashes gasoline refineries in the Gulf.” Economists moan: “Exxon Mobil pumps up prices” (the ride to work becomes more expensive).

When the Federal Reserve Open Market Committee increases interest rates, demand for products decreases, When we have money, economic booms increase; when, as buyers, we do not have money, “For Sale” signs blow in the wind. The seven Federal Reserve Bank members bankers study how we spend, what “things” cost, and decide what is best when we buy or sell. During the past year, the Federal Reserve nudged interest rates twelve times.

The Federal Reserve’s actions are not keeping us away from store counters. We spend at a frenzied rate. As a result, U.S. citizens have the lowest savings rate in the Western world. Someday our wallets may be squeezed by higher interest rates, expensive gasoline, and home heating costs.

We can become wise customers when we understand the math and the adjectives of advertising and sales. Calculating what the store offers and what you will pay is the math of buying. The sign, “Sale! 50% off until 12 midnight” manipulates you to buy now; this is the adjective of sales. In most instances, this means you use a credit card. Wisdom seeks the shedding of all burdens while celebrating what money cannot purchase and debt cannot take away.

“A feast is made for laughter, wine makes life merry, and money is the answer for everything.” – Ecclesiastes 10:19

Orchard Bank and its credit cards are a subsidiary of HSBC finance, so right off the bat, you know you’re in good hands. Orchard Bank credit cards offer the best in interest rates and personal finance control, so that it’s difficult to imagine a higher quality card for the beginning credit consumer, the experienced vet, or the indecisive on-the-fencer. Whether you’re looking for a good interest rate, a flexible payment plan, or a customized card design, you’ll find it with Orchard Bank credit cards.

Low Fees

One of the primary reasons many consumers are attracted to Orchard Bank are their lack of substantial fees. Some credit card companies will drain your account with fees before you even get off the ground. Not so with Orchard Bank. Depending on your personal credit report, you could qualify for a card with no fees attached whatsoever. That means free transactions, free credit limit checks, and free balance transfers. Even if your credit report is spotty, if approved, you can be sure that you won’t be bled dry by consistent and neverending fees.

Competitive Interest Rates

Orchard Bank has always been known for their low, competitive interest rates. If you are coming to Orchard Bank with a decent credit profile, you can probably get a credit card with an interest rate much lower than what you may have been paying in the past. Rewards such as frequent flier miles are few, but the lack of these gifts is made up for with consistent and fair rates.

No Liability For Unauthorized Charges

One of the biggest threats to the consumer today in credit card fraud and identity theft. Orchard Bank has a zero liability policy, meaning that if someone gets your credit card and goes on a shopping spree, you will not be held responsible for the money. This service and policy is invaluable. Credit cards can become lost or stolen, and the consumer, in less beneficial situations, can wind up owing the credit card company for the amount of the fraudulent charges. Not so with Orchard Bank which puts them one step ahead in the fight against consumer fraud.

Customer Service That Cares

In today’s busy working world, it can be difficult to find a financial institution that gives you the personal, 24 hour care you can find with Orchard Bank credit cards. If you lose your credit card in the middle of the night, they have a help line you can call and get everything squared away. The importance of this round the clock service cannot be overstated, as anyone who has been told to call back duri9ng business hours knows. Sometimes, business cannot wait until 9:00 in the morning. Orchard Bank seems to understand this, and for that reason you will never be left in the dark.

If you want to know how you can get a credit card without a bank account there is hope. One of the best options is to get a prepaid credit card. They are fully functional and are fairly easy to get and require no credit checks.

They work in the same way as major credit cards and they are accepted everywhere credit cards are accepted. There is no chance of overdrawing. The cards are pre-funded which means when a determined amount is spent the card has to be reloaded before it can be used again. Also there are not any limits on spending as with credit cards.

There are many other benefits to using a prepaid card such as the convenient spending power without any fees and high interest rates. Plus a prepaid credit card will help establish credit history.

Before getting a prepaid credit card it should be established that the card offers the same rewards and incentives as credit cards and the card should be accepted all around the world and offer ATM access for cash withdrawals.

Also prepaid credit cards should have low APR rates and offer customer support. It is extremely important to have good customer support with these type of cards in case a problem arises.

There are a wide variety of prepaid cards available to choose from and comparisons of features and rates should be made before the final decision is made.

Prepaid cards are an excellent choice for those who do not have a bank account.

Banks and their associates are now competing with one another to provide a quick and easy credit card application process. There are two common options for bank credit card applications – online format and paper copy format. Banks’ disclosure statements provide all information regarding the costs and the terms of repayment.

By entering a few simple answers and providing financial details at a safe website, you can get a response to your application within a minute. An online application is the fastest and easiest way to receive credit cards. It is also one of the safest ways, as it protects personal financial details. There are a number of card types available. You can easily choose a card that matches your needs.

Banks’ websites usually display a list of their credit card types, interest rates, special promotions and credit limits. Many of them indicate the level of credit you require. For instance, a credit card with a high limit may need good credit, but in case of a student card, past credit history is not required. Generally, a person who is 18 years of age or older can apply for a card with any U.S. bank.

Most bank applications accompany two statements: ‘pre-selected’ and ‘pre-approved.’

In the case of ‘pre-selected’ statements, a person receives credit based on the details he provides on the application and depending on a succeeding credit report. In the case of ‘pre-approved’ statement, the person is granted credit just as he fills out the application and demands. But, he would not obtain as much credit as he desires.

Bad credit bank accounts are perfect for those who have a poor credit history, have been bankrupt, or have a county court judgment registered against them. This helps them to repair their credit history without being caught in a fraud net. For the best services with a bad credit bank account, people should check the policies of the banks because different banks have different policies regarding bad credit bank accounts.

Repairing credit history is the first step to getting back into business. With careful planning and skilled help and patience, it can be done. It is very important to know what is owed and to whom. Current copies of credit reports should be obtained from all major credit bureaus. People should check the accuracy of the information provided in these reports to avoid further inconvenience. Paying bills on time to upgrade credit is also advisable, as is assessing the credit situation regularly to avoid any mistakes. Consolidating debt by paying minimum amounts.

People should maintain their credit accounts so that they can use credit when in financial need. They should go for a secured bank credit card that is backed by money deposited in a bank account while reducing the number of credit cards they have.

It is advisable to always pay the minimum dues on credit cards and get a copy of a credit report yearly to catch any errors. People should avoid things that can limit their credit such as high balances on credit cards, too many applications for credit, and low credit scores.