Credit Card

tekgems on February 6th, 2012

Over the weekend, I read how some Chinese are good savers. Today, I also read an article that CitiBank will start issuing credit in China. This is an interesting convergence of Chinese culture’s emphasis on savings while perhaps embracing the newer ideas of short term borrowing (credit). I am curious to see how this plays out. […]

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Some posters on FlyerTalk and LA Times have said they are receiving 1099 (Misc Income) statements from CitiBank for receiving 25,000 ThankYou points as $625 income. This means that with each bonus they pay out, CitiBank gets to write it off at a $625 business expense. Why is CitiBank able to do this when I […]

Continue reading about Why does CitiBank get to value 25,000 ThankYou points as a $625 business expense?

tekgems on January 24th, 2012

I think PayPal has most potential to eat the bank’s lunch. Their in-store POS means a buyer can pay via PayPal balance. They just need to offer a 2% discount on purchases and you will see adoption rates increase exponentially. Banks have not done enough to innovate and I think it is too late. PayPal […]

Continue reading about PayPal and their in-store POS @ Home Depot

  The Dodd-Frank w/ Durbin Amendment did exactly what it was supposed to do. Big banks acted irresponsibly prior to the 2008 financial crisis. Power and money needed to be redirected away from the big banks. You saw that small banks and credit unions converted ex-big bank customers to their banks. Shift of power. As […]

Continue reading about Dodd-Frank w/ Durbin Amendment: Will it result is lower prices for consumers?

tekgems on January 19th, 2012

You will encounter many credit cards that offer 0% APR on balance transfers. You will not, however; run across many credit cards that offer both Fee Free Balance Transfer and a 0% APR. Many credit cards will charge you anywhere from 3% to 5% transfer a balance. That means to transfer $3,000 you will pay […]

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tekgems on January 18th, 2012

  https://www.salliemae.com/landing/signaturecreditcard/default.aspx?SRC_CODE=3IM2O8&TAC_CODE=KWC8FMKQ&PIT_CODE=209877702 Remember, unlike most credit cards, the 0% APR for the first 12 months is only on Balance Transfers. If you make purchases with the card, there is interest on purchases. Sallie Mae. Bottom line, you need $12,500 of spend to get 25,000 points which will convert to $250 dollar in the form of […]

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tekgems on January 17th, 2012

For online credit card statements, I’d like a law where they forced banks to show amounts due based on the “Payment Due Date”. For example, my total credit card bill is $5,000. $2,000 is due 1/18/2012. $3,000 is due 2/18/2012. All I have to do is pay $2,000 by tomorrow, then the other $3,000 can […]

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tekgems on November 5th, 2010

For what its worth (FWIW), we stopped accepting credit cards on eBay. Too much fraud and no tools to mitigate risk. We just accept Paypal now which is what eBay wants anyway. Once eBay starts accepting AuthorizeNet (I hear sometime in 2011 time with the possible roll-out of their shopping cart), we will re-evaluate whether […]

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I recently applied for two new credit cards. One was a Citi Bank and another was Capital One. Both offered 0% Balance Transfer for at least up to a year, with a small balance transfer fee (3% or higher). One distinction I noticed about how each company operates is this: 1) Citi Bank customer service […]

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