Hmmm… This is kind of interesting. According to a recent issue of Fortune magazine, billionaire investor Warren Buffett’s FICO credit score is just 718. While this is far from a bad credit score, it’s interesting that the credit bureaus consider the Oracle of Omaha to be a bigger credit risk than little old me.
Perhaps Buffet [...]
First we started hearing about arbitrary increases in credit card interest rates, and now this… According to a recent blurb in Money Magazine, however, credit card issuers have recently started reducing credit limits for some borrowers, even those with good credit records.
Factors that put you at risk are making an occasional late payment, living in [...]
I just wanted to share a bit of data on the real world performance of the Chase Freedom Rewards card. As many of you know, I consider this card to be one of the best reward credit cards on the market. A big part of this card’s appeal is that it offers 1% rewards on [...]
Wow, I’m not sure how I missed this, but Visa Inc. (V) went public last week. When all was said and done, their initial public offering (IPO) ended up raising a record $18 billion. Just for the sake of comparison, this is more then ten times the value of the Google (GOOG) IPO, which raised [...]
While most of what you’ll find here is information related to plain old, run-of-the-mill credit cards, I thought I’d take a bit of time to write about “secured” credit cards. A secured credit card is a special type of card that is targeted at high-risk borrowers with low credit scores.
How secured credit cards work
Secured credit [...]
CreditAddict participated in three carnivals this week. Here they are along with links to our articles that were included in each.
The Carnival of Personal Finance included “Can Merchants Require a Minimum Purchase for Credit Card Transactions?.” Also included was “Middle-Class Millionaires” from FiveCentNickel.
The Carnival of Everything Finance included “What Do Credit Card Numbers Mean?” Also [...]
As you’re no doubt aware, your credit score is an incredibly important number for a variety of reasons. So if, for whatever reason, your credit score isn’t where you want it to be, how can you improve it? Contrary to what credit repair services would like you to believe, there are no magic bullets here. [...]
Ever since I bought my wife a framed share of Disney stock for Christmas a couple of years ago, we’ve been Disney shareholders. Just the other day the annual report showed up and, along with the financial information, they included the requisite marketing materials. Amongst these was a pitch for the Disney Rewards Visa card [...]
As a followup to my earlier article about merchants being unable to require a minimum purchase for credit card transactions…
Did you know that merchants can’t require you to show an ID in order to complete a transaction?
According to a recent Q&A in the Baltimore Sun:
Although Visa rules do not preclude merchants from asking for cardholder [...]
The short answer is that no, merchants cannot require a minimum purchase before accepting your credit card as payment. In fact, all major card issuers explicitly forbid this practice, as follows.
From Visa’s merchant contract:
Dollar Minimums and Maximums – Always honor valid Visa cards, in your acceptance category, regardless of the dollar amount of the purchase. [...]
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