While consumers hoped that lawmakers would insist that credit card companies apply all payments toward balances accruing the highest-interest charges, the compromised legislation allows lenders to apply only payments above the minimum payment toward the highest-interest debts.

What does that mean if you have credit card debt at different interest rates on the same account, and you want to pay off the highest-interest balance first? Practically speaking, you’ll need to send in a payment that covers the minimum payment–which your credit card company will apply toward your low- or no-interest balances–and also add payment above and beyond that to pay down your high-interest balance.

For example, on an outstanding balance of $5,000, $2,000 of which is at a high interest rate and $3,000 of which is a zero-interest balance transfer, if your minimum payment is $100, you’d have to pay more than $100 to chip away at that $2,000 high-interest-rate balance. Feel the pain?

You can fight back by signing up for low-interest balance transfers when you can find them (the Act, in squeezing credit card companies’ profits, did reduce the availability of zero-percent balance transfer offers) and by investigating exactly where your payments over the minimum amont are applied by your lender. That means getting engaged in retiring debt and acting as your own advocate. A little homework can really pay off as we move into this new lending era. Keep yourself attuned to rates and make adjustments when they finally return to acceptable levels.

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Combination Credit Card Apps

Thanks to apps that mash up information from multiple banks, track all your credit cards and cash accounts in one place. Popular one-stop banking apps include:

Mint: The iPhone version may not have all the bells and whistles of Mint.com’s Website, but it helps you master your budget on the go.
Personal Assistant: This app from Pageonce pulls information directly from credit card issuers’ Websites, offering a deeper look into your accounts.
AT&T Mobile Banking: AT&T already has a powerful mobile banking service for its other smartphones. This iPhone edition pulls information from dozens of partner institutions.

Third-party banking apps fees range from free to a few dollars. Check the top ten lists under the Finance category in the iTunes App Store to find new tools to manage your accounts.

Credit Card Issuers’ Proprietary Apps

If you’re lucky enough to have an account with one of these credit card issuers, you have access to the groundbreaking apps that unlock the power of the iPhone:

Discover Card: Now that Discover offers different tiers of cash back rewards, stay on top of your growing rebate remotely.
American Express: Business customers love the ability to manage company accounts and submit expense reports directly from the AmEx iPhone app.
Bank of America: The original Bank of America iPhone app was barely a customized version of its already-strong mobile banking Website. Today’s version locates ATMs and is a great way to pay down your balance.

Every month, more banks add dedicated iPhone apps to the App Store. And, the folks at the Apple Store will happily answer questions about many popular apps, even if you didn’t buy your iPhone there.

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To qualify, visit this holiday promotion page to initiate your reservation. Just be sure that “Hampton Holidays 08” is selected in the “Special Offers” pulldown menu on the left side of the 2nd page (after you submit your desired dates/location). Then, simply enter “VISA” for your promo code prior to finalizing your reservation. You should receive your card within 7-10 days after your stay is completed.

While $10 probably isn’t enough to make you go out of your way to stay at a Hampton Inn, you might as well grab it if you’re already planning on staying at one sometime between now and early January.

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» The Visa Black Credit Card
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Quicken is excited to announce that Quicken Online will become FREE starting Monday, October 13th. Until recently, Quicken Online was free to try, but cost $2.99 per month after a trial period. Beginning October 13th, there will be no charge to use the Quicken Online program.

If you’d prefer the offline version, then be sure to check out the available discounts on Quicken 2009 — you can get up to 36% off the list price.

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» The Death of No Fee 0% Balance Transfer Credit Card Offers?
» No Fee 0% Balance Transfer Offers From Pulaski Bank

WaMu is currently offering 5% APY on their 12 month online CDs. This beats the best available online savings account interest rates by a long shot, and creates a fairly generous interest rate spread (i.e., you’ll borrow at 0% and pocket 5%).

Because these are 12 month CDs, you might want to look for a 15 month 0% balance transfer offer just to be on the safe side. That way, you’ll definitely have the capital back in your hands before the 0% introductory period runs out.

A word of caution… Just be sure that you have sufficient cash flow to handle the minimum payments throughout the year. These typically run in the neighborhood of 2% of the outstanding balance per month. Alternatively, you can hold back some of the balance transfer funds in a regular bank account to cover the minimum payments instead of tying up the full amount in a CD.

Oh, and I should also note that I’ve heard from several readers that funding these CDs from sources outside of WaMu can be tricky, so it might be best to go ahead and open an account before pulling the trigger on this deal.

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» No Fee Balance Transfers From IberiaBank
» The Death of No Fee 0% Balance Transfer Credit Card Offers?
» How to Make Money With 0% Balance Transfers
» Zero percent balance transfer offers: here to stay, or just a tease?
» Dos and Don’ts of Credit Card Balance Transfers

Source: Bottom Line/Personal

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Here are the links to the discounted products:

• Quicken Deluxe 2009 ($59.99 $44.99 – 25% discount)
• Quicken Premier 2009 ($89.99 $71.99 – 20% discount)
• Quicken Home & Business 2009 ($99.99 $79.99 – 20% discount)
• Quicken Home and Inventory Manager ($29.99 $23.99 – 20% discount)
• Quicken Mac ($49.99 $33.99 – 23% discount)
• Quicken Medical Expense Manager ($69.99 $44.79 – 36% discount)
• Quicken Rental Property Manager ($149.99 $119.99 – 20% discount)
• Quicken Online (60 day free trial, then $2.99/month)

I’ve been a diehard Quicken user since 1997. While it’s overkill for some, I’ve found it to be a great way to keep track of everything all in one place. Given the number of bank accounts (two checking and four online savings accounts), credit cards (three reward cards), and investment accounts (six retirement accounts plus a non-retirement brokerage account) that we have, it’s been a huge timesaver.

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But wait, it gets better… When all was said and done, he whipped out a different credit card and settled his bill. I think there’s a lesson buried in here somewhere. Like if your credit card is ever declined, try your backup card before attacking the manager and trashing the establishment.

Source: AP News

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Alan: “Can I pay with a credit card?”

Charlie (incredulous): “Where are you planning on swiping it?”

Alan: “Okay, okay… I was just hoping to get the credit card miles.”

Heh. Yes, I’m easily amused.

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» Get 25,000 Bonus Miles from Citi
» Credit Card Miles

Yes, you can get most of this stuff shipped to you for free if: (1) you’re patient, and (2) willing to group your purchases together to exceed the $25 minimum for Super Saver shipping. That being said, we’ve been members of Amazon Prime for over a year now, and I can honestly say that it’s been well worth it to us in terms of convenience and time saved. This has been especially true as gas prices have moved higher and we’ve shifted more and more of our purchases online.

Just a quick word of caution… The membership auto-renews into the annual (paid) version at the end of the month, so be sure to go in and tell them that you want to cancel if you decide you don’t want to keep it.

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