Stealing Information for Credit Cards...Wirelessly?

With the improvement of technology comes the an onslaught of new criminals finding innovative ways to take advantage of consumers. In the case of credit cards, passports and other methods of identification, convenience comes at a price. The latest identification technology is found in Radio-frequency identification (RFID)-enabled credit cards. RFID chips transmit information through radio frequencies to data receivers. American Express' ExpressPay or Chase's Blink card use RFID technology to make purchases quicker and more convenient via a simple hover over a RFID receiver.

Unfortunately, the recent technology has presented a new opportunity for ID thieves. While certain companies claim that their chips are built with a strong encryption and send one-time temporary codes that do not match the card number, researches from University of Massachusetts say otherwise. After building a scanner, researches were easily able to "skim" the cardholder name, number and expiration in plain in English, with no problem. Originally, those who wished to steal credit card information could only do so, visually, after one took their card out of your wallet. Now in exchange for the convenience of the consumer, thieves can steal your information conveniently via scanner or suped up laptop. Not only credit cards are targeted but ePassports, IDs and security cards.

Fortunately, to counter the "skimmers", many wallet companies have come out with a line of nickel-impregnated RFID blocking wallets. Some brands like DataSafe charge $50 to $180. Others can go with the cheaper alternative and line their wallets with aluminum foil.

Customer Credit Cards

As a small business owner, you will likely never have to worry about providing a customer credit card for patrons of your business. However, in addition to a small business credit card that you take out from a bank, you may want to consider taking out credit cards from businesses that your company relies on. If you frequently use Home Depot, Target, or other major retailers, you may be eligible for a business account with them.

Opening up a credit line with retailers and getting a customer credit card as a business can be a smart step for improving your credit line. When you maintain a good business relationship with other companies and promptly pay your company's bills, it is reflected in your credit score. Good credit is attainable if you use the right tools, and taking out a customer credit card under your business profile may be a smart move for you.

Visit http://www.icreditinc.com for more information on credit.

Changes with your credit cards

Innovative Credit Consultants keeps up with the news so that consumers can be up to date in all areas related to credit repair. Headlining the news this week is new information about credit cards. CNNMoney.com explained there are “big changes” in effect for credit card users. Innovative Credit Consultants understands you need to know about this.

The Credit CARD Act of 2009 went into effect February 22, 2010. The public will get relief from predatory practices like "double-cycle billing.” However, large credit card companies are more determined than ever to find ways to sneak away your money. They sense they may be headed for some economic downtime, so consumers are looking at less rewards, higher fees, rising rates, and less cards being handed out.

Many companies will slow down, or stop giving rewards altogether. For decades, it has been common for consumers to build a cache of points towards rewards. Rewards can include: a free plane ticket, cash back or bonus money to a store. (This was also a trick on their part, as grocery stores and the gas pump tend to be where people use credit cards the least, preferring debit cards, cash, or even a personal check.) American Express is the first to announce to their customers that they would no longer earn points on purchases if a payment was late. An extra fee of $29 would be the only way to gain those points back.

It's time to go over your new Terms and Conditions with a fine-toothed comb. Card companies and even banks have been applying new fees and finding ways to raise pre-existing fees to counteract any potential lost revenue. Last year, for instance, Discover announced that any transactions made outside the U.S. would be subject to a 2% fee, while JPMorgan Chase began charging a 5% fee to roll balances to a new card, instead of the industry-standard 3%. This new law sets no restrictions on the types of fees a creditor can charge. You better know your terms and conditions otherwise you could be in for a nasty surprise when your bill arrives.

While consumers are relieved the credit CARD Act incorporates "how and when" rate restrictions, there are a few loopholes you need to watch out for. Banks and credit card companies can no longer randomly raise your interest rates, they must give you a 45-day notice; however, there is no cap on the interest rates banks and credit card companies can charge consumers who have been late in payment by two months. The days of unreasonable rate hikes are not over, especially for consumers who are still overwhelmed by debt.

The tough days of obtaining a card even with poor credit will not be even tougher. The amount of credit made available to consumers after Phase One of the CARD Act went into effect last year nosedived by $252 billion between March and September. That's a full 7% decrease in just six months. If the trend continues as predicted, we could be looking at another 3-7% decrease after Phase Two is implemented. If your credit is in good standing, this should not affect you overmuch, but college students will certainly be feeling the pinch.

As a consumer, your overall knowledge level should remain the same. Don't forget to do your research, and don't let your credit cards take advantage of you. Be extra-wary with bank-issued cards, as they may now come with extra fees attached that were not previously there.

If your credit report has been affected by your credit card use, call Innovative Credit Consultants today for a free credit report evaluation and credit repair consultation. Top credit repair experts are available and will help you gain knowledge about credit cards and credit repair.

Types of Credit Cards

The days of credit cards used to be so simple. Now, with all the options and perks available with a myriad of cards, it is hard to sift through the complexities in order to obtain the perfect one to suit your needs. Below, is a list of the various types of credit cards available to you. Take a look at this article to understand the difference between them all.

Standard Credit Cards
     *Balance transfer credit cards
     *Low interest credit cards..

Credit cards with rewards programs
     *Cash back credit cards
     *General reward points credit cards
     *Hotel or travel points credit cards
     *Retail rewards credit cards
     *Gas cards with points or rebates
     *Automobile manufacturer rewards cards
     *Home improvement rewards credit cards

Airline mile / frequent flier credit cards
     *Airline-specific credit cards
     *Generic airline miles cards

Bad credit and/or credit repair cards
     *Secured credit cards
     *Prepaid credit cards

Specialty credit cards
     *Business credit cards
     *Student credit cards

Shopping!

Tis the Season to shop and worse, create excuses to shop.  Reviewing your finances, creating a budget and following a shopping plan that falls within a budget is the best way to avoid Post Holiday Regrets.  We understand many people want to buy for others and sales make it seem ok.   But think ahead to after holiday season and the consequences of spending.  Don't max out your credit cards, it feels good now but horrible later.  Your credit needs you to be frugal too!

Good luck and don't over spend!