SavvySugar -- It Makes Sense.

How Should You Pay For Holiday Shopping?

SavvySugar — Fri, 28 Nov 2008 04:30:43 -0800

We've procrastinated shopping long enough, and the major holidays are now four weeks away and counting. It's about time we start taking a crack at our lists, but first we need to decide how to pay for all the presents. Consider the easiest way to track all of your gift expenses combined with the most practical method for preventing overspending. Only you can choose which is best for you, but Consumer Reports gives us a place to start by comparing all of our payment options.

Credit cards: The magazine recommends using credit for large purchases as long as you're not already carrying a balance and can pay off the charges each month. Credit offers more protection than other payment forms and it's relatively easy to have charges removed in the event of a legitimate dispute.
Debit cards: You'll escape the interest charges affiliated with credit cards but are susceptible to overdraft fees, and debit doesn't provide as much protection as credit. Your bank isn't required to step in to dispute charges with a merchant.

To see how these compare to paying with a check or cash,

Diamond Encrusted, Gold Laced Credit Card For Millionaires

SavvySugar — Tue, 04 Nov 2008 03:30:18 -0800

While most of the world is chest deep in a credit crunch, MasterCard has teamed up with Kazakhstan's Kazkommertsbank in launching the Diamond credit card. The diamond-encrusted, gold-laced card will be released in two weeks to an elite population of millionaires who can afford the $1,000 annual fee and won't blink at the $50,000 credit limit.

The growing millionaire population of Kazakhstan is currently at 12,000, and the bank needs only about eight percent of these people to sign up for a card: A total of 1,000 cards will be released and only 30 each month to ensure the card will not be taken for granted as a status symbol. The his version features a winged horse and the hers version boasts a peacock, and there is a 0.02 carat diamond embedded in every card's center. MasterCard launched a similar card for its most VIP customers in Dubai last year.

Should the Deeply Indebted Get Credit Card Forgiveness?

SavvySugar — Mon, 03 Nov 2008 06:15:29 -0800

Consumers are increasingly defaulting on their credit card balances and banks are suffering because of the massive debt write offs due to the defaults. To remedy the situation, an alliance of financial industry interests and consumer advocates proposed a special program to the government. As legislative director for Consumer Federation Travis Plunkett says, "In this case we have a clear common interest." Most of the biggest credit card banks are on board with a pilot program that allows lenders to forgive up to 40 percent of a borrowers debt, with the maximum forgiveness going to consumers nearing bankruptcy. Existing rules that allow for the reduction of principal require the debt to be paid in a matter of months, while the pilot program will allow the remaining debt to be paid over several years. Do you think the pilot program is a good idea? Source

Should the Deeply Indebted Get Credit Card Forgiveness?

Yes, the partial forgiveness will help people and banks.

Maybe, I'm torn on this one.

No, this will only encourage people to default on their cards.

Something else. See my comments below.

Ask Savvy: Should I Keep a High Limit Credit Card I Don't Want?

SavvySugar — Thu, 16 Oct 2008 09:30:53 -0700

Dear Savvy,

I have a store credit card with a $1,500 limit that I've had for about six years, which I use occasionally to earn store points. They recently changed their program and switched to an actual MasterCard, and sent me a new card with an $11,000 limit. I did not ask for the new card and I certainly don't need it. How will this affect my credit and is it better to keep it or should I send it back as refused?

See my answer when you

Will You Hit These Money Milestones by the Time You're 30?

SavvySugar — Fri, 10 Oct 2008 12:30:52 -0700

Turning 30 can be a dreadful birthday for some reluctant 20-somethings, but no matter how full of dread you may be there's a way to gracefully enter the next decade in regard to money management. In order to set you up for smooth sailing, MSN Money created a list of six money milestones to reach by the time you're 30. Do you think these milestones are appropriate for most people in their twenties? Is there anything you'd add or remove?

Scale back the credit cards. If you aren't able to live on your earnings and are still taking on credit card debt when you're 30, it's going to be difficult for you to save enough for retirement.
Own a home, or have a plan. One expert says that homeownership should be a priority, and to start saving for a down payment.
Have skills. Develop a set of marketable skills by the time you are 30 and try to bring something new to the table.
Give money away. Financial advisor Scott Hanson says, "I think it's financially healthy to give."
Know thyself. Decide what's important to you. Hanson explains, "Start to know yourself and build parameters so your life and money line up with those parameters."
Know smart people. When you need advice, turning someone who's good at their job can save you money in the long run, whether it's a tax preparer, financial adviser, attorney, or insurance agent.

SavvySugar -- It Makes Sense.

How Should You Pay For Holiday Shopping?

Diamond Encrusted, Gold Laced Credit Card For Millionaires

Should the Deeply Indebted Get Credit Card Forgiveness?

Ask Savvy: Should I Keep a High Limit Credit Card I Don't Want?

Will You Hit These Money Milestones by the Time You're 30?

Have You Ever Gone Over Your Credit Limit?

Finally, Consumers Are Cutting the Credit Cord

How to Protect Yourself as Lenders Lower Credit Limits

Store Credit Card Strategy Backfires on Retailers

Ex-Employees Reveal Bank's Pushy Credit Tactics

I'm Asking: Why Did You Get Your First Credit Card?

News Flash: Make a Late Payment, Get a Call From the Bank

I'm Asking: When Is the Last Time You Used Your Credit Card?

Ask Savvy: When Should I Cancel My Credit Card?

Have You Been Receiving Fewer Credit Card Offers Lately?

Three Credit Cards to Avoid

Your Two Cents: Have You Ever Made a Late Payment?

Definition: Grace Period

Family Saves Money by Going Cash-Only For One Month

How Zero-Interest Cards Could Harm Your Credit

Subway to Combine Loyalty Program With Your Credit Card

Your Two Cents: Do You Have Any Credit Card Debt?

Ask Savvy: What to Say When Asking For a Lower Interest Rate

Brilliant or Baffling: Freezing Credit Card in Ice Block

Definition: Piggybacking

Savvy ATM: Store Credit Cards and Your Credit Score

Do You Have Any Store-Specific Credit Cards?

Has Your Card Information Ever Been Compromised?

Definition: Interchange Fees

FreeCreditReport.com Getting Heat For Not Being Free

What to Take Away From a Credit Card Offer

How Many Credit Cards Do You Have?

Do You Have Your Credit Card Number Memorized?

Could You Go Without Credit Cards For One Month?

Do You Know Credit Card Carrier Facts?

Holding on to Your Credit Identity Once You're Married

Do You Open a Bar Tab or Pay With Cash?

Your Credit Card Limit Could Drop Any Day Now

Consumers' Credit Scores Dinged For Going to Bars

When Did You Get Your First Credit Card?

Has Your Credit Card Ever Been Declined?

Money Tip: Don't Let Your Credit Card Limit Fool You

How to Fight Sneaky Fees

Savvy ATM: Sorting Out Credit Card Rewards

Do You Read Credit Card Disclosure Forms?

Do You Sign the Back of Your Credit Card?

Ask Savvy: Why Was My Credit Card Application Denied? Part II