Here’s what to expect if your frequent flyer program is eliminated…

With the recent proposed mergers of Delta and Northwest - and United and US Airways, what will happen to the thousands of frequent flyers with unused reward miles? When competing airlines join forces the merger almost always results in the elimination of one program, with just one card and one issuer remaining. Although the unused miles are normally transferred, cardholders will have to make a choice between sticking with the company or switching to a new airline credit card.

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Credit card rates continue to fall as consumer debt climbs…

Following Federal Reserve’s latest interest rate cut - which set a two-year low - credit card rates continue to fall. It is speculated that many credit cards have hit their lowest levels and even if the Fed lowers rates again, many issuers may switch to fixed rates not linked to the prime rate to prevent further declines. Even so, consumers are finding that the lower rates are having little impact on their bottom-line as credit card debt continues to rise.

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New study ranks credit card issuers on identity safety…

A recent Javelin Strategy & Research study, a leading independent provider of nationally-representative, quantitative research focused exclusively on financial services, ranked 25 of the nation’s top credit card issuers on identity theft prevention services and education. Twenty-five of the nation’s top credit card issuers were scored against a benchmark of highly-specific safety criteria for each category which included: Prevention, Detection and Resolution. The Prevention and Detection categories were weighted more heavily than Resolution due to the greater potential benefits and cost savings. Here’s a summary of the results:

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The Federal Reserve implied that rate cuts could be ending…

As widely expected on Wall Street, the Federal Reserve cut its closely-watched target for short-term interest rates by a modest quarter percent to 2%. The Fed also cut the discount rate it charges banks by a quarter point - to 2.25%. The Fed hinted that the move could be the last in a series of rate decreases meant to buffer the economy from surging energy prices, the housing downturn and other inflationary threats. It also shifted away from a promise to “act in a timely manner” to a softer commitment to “act as needed.”

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Sweepstakes is designed to encourage customers to ‘go green’…

Regardless of whether you see it as a company going green, or simply a corporation trying to save money, Citi, one of the world’s largest financial institutions has made a serious commitment to the environment. In a move to encourage their customers to “go green”, Citi has offered any cardholders who sign up for their environment-friendly paperless service an opportunity to be entered in the new Citi ‘EcoSweepstakes’ for a chance to win a hybrid vehicle or other green prizes.

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If you made any purchases overseas, you may be eligible…

We’ve written in the past about excessive foreign exchange fees and a recent ruling favoring consumers. The Foreign Currency Conversion Fee Antitrust Settlement provides approximately $336 million to an estimated 2.6 million credit card users who may have been charged excessive fees for foreign transactions. Consumers who traveled overseas and used a credit card to pay for expenses were not properly notified of the fees and the ruling provides restitution. The settlement covers charges made from Feb. 1, 1996 to Nov. 8, 2006. The deadline to apply is fast approaching - May 30, 2008. Have you filed for your claim?

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Here’s a list of the “best credit cards” according to CNN…

CNN Money.com recently introduced what they believe to be the best credit cards available to consumers. CNN’s “6 Best Credit Cards” list covers the best credit cards in the following categories: the best credit card for balance transfers, the best credit card for big spenders, the best credit card for low spenders, the best credit card for frequent travelers, the best credit card to save for retirement, and the best ‘no hassle’ credit card. Of course, this list is subjective to a variety of factors - and although we agree they’re are all great offers - there might be better choices available. Either way, here’s a summary of the cards CNN recommends:

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New financial tools are designed to help cardholders…

Discover® Card Services, Inc. recently introduced a new set of financial tools designed to help cardholders improve their spending and payment habits. The ‘Paydown Planner’ and ‘Purchase Planner’ can calculate the amount of time it will take to pay down your debt  and how large purchases can affect your account. The tools can help you come up with a sensible plan to payoff your credit card debt and are specific to individual accounts with interactive capabilities. Account information is preset in a secure format and ensures ease of use and accuracy. The services also include the opportunity to schedule online payments in advance, the ability to choose payment due dates and set-up e-mail payment reminders.

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Delta SkyMiles® members can take advantage of ’Pay with Miles’…

Introducing “Pay with Miles,” the new progam available exclusively to Gold and Platinum Delta SkyMiles® American Express cardmembers. The new built-in program offers added flexibility and more control over travel and payment options by allowing miles to be used to book flights on Delta.com. Purchase all or part of a Delta ticket, anytime with no restrictions or blackout dates. “We are delighted to partner with Delta to offer this new SkyMiles program feature exclusively to our premium American Express Delta SkyMiles Cardmembers,” said Pam Codispoti, senior vice president and general manager, American Express.

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This legislation protects consumers and needs your support…

Consumers paid over $36 billion in bank, thrift and credit union fees according to the Government Accountability Office (GAO), with overdraft fees rising 11% between 2000 and 2007. The Center for Responsible Lending estimates that Americans pay $17.5 billion per year in fees for services they never asked for and can’t afford. Overdraft protection can be beneficial but a recent study validates consumer complaints that they were signed-up, unknowingly, for overdraft protection by banks and financial institutions.

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