Sounds crazy right? This is Legit! Imagine buying anything, paying bills, etc and get 3.35% Cash Back. This does takes a little work since you need the Schwab Visa Card to maximize the cash back. You will get Big Crumbs 1.35% Bonus on top of your credit card. I’ll let you know if there is a higher rate.

First, I need you to join Big Crumbs as CrumbSaver in order to get it to work. Big Crumbs is another site that will give you cash back for buying things online. Currently, you can get 1.35% Cash Back buying American Express Gift Cards. I will pay it with my Schwab 2% Cash Back to get a total of 3.35 Cash Back.

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The credit card Act of 2009 is about to takes effect this Monday, credit card issuers are coming out with new ways to increase their earning according to this WSJ’s article. The new law expects to cost the credit card industry $12 billion a year.

New Tactics to Recuperate their loss Earning:

1. Citi and Bank of America now charge 3% foreign-transaction fees on all foreign transactions including those charged in U.S dollars such as in the Bahamas. Discover is charging a new 2% for foreign purchases since last year.
2. American Express Cardholders will lose their rewards points if they pay late. In order to get the points back, they must pay a $29 fee.
3. Expect higher annual fees, higher balance-transfer charges, and growing charges for overseas transactions. E.G. Citi’s recent $60 fee annual fee.
4. More fees for extra services from requesting a year-end itemization of all your purchases to paper statements or getting extended warranties on purchases.

The article claims that they are going beyond charging fees to increase their profit. They are cutting back their rewards program significantly such as shortening the expiration periods, raising redemption fees or implementing earnings caps on rewards.

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You all know that using a credit card, building your credit limit, and paying your balance on time build up your credit score. It’s always a good idea to check up on your credit score every now and then. Well, there is a free service out here called Credit Karma. It allows to check your Transunion credit score for absolutely free. No credit card sign up and no cancellation requirement. However, this is not the real FICO score, but it gives you a good estimation of where your FICO credit score is.

Simply sign up through the link , which is completely free for credit score approximation. You will need to give up some personal information such as Social Security in order to access your credit report. Credit Karma stands out in their comparison tools. The visual presentation compares you nationally with your age group, location, etc.

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By invitation only, your American Express rewards plus cards can save you 20% at Cheesecake Factory and Capital Grille. The spending requirement must be at least $75 at Cheesecake Factory or $100 at Capital Grille for the 20% to kick in. Promo includes the following cards:

The American Express Card, the American Express Rewards Green Card, the American Express Preferred Rewards Green Card, the American Express Gold Card, the American Express Rewards Gold Card, the American Express Preferred Rewards Gold Card, the American Express Rewards Plus Gold Card, and the Premier Rewards Gold Card from American Express .

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Are you a Chase cardholder? Ever since Chase took away the $250 check for 20,000 points, there hasn’t been a good redemption for your points. Lately, they have been running a special whereas you can get a $25 restaurant card + a $10 AMC gift card for 2500 points. Some of the restaurants include Applebee’s, On the Border, Chili’s, Maggiano’s, Macaroni Grill, Outback, and more. Offer is good until 3/14/10 on Chase Ultimate Rewards main page.

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If you have an American Express card with a high credit limit, then you don’t want to ask for an increase in credit limit. If you do, there is a good chance of a Financial Review which will most likely be resulted in a slash of your credit limit(CLI). Those with a low credit limit, you can ask for a credit limit increase as long as the credit line amount that you requested is not greater than three times your current credit line. Lets say your credit limit is $1000, then you would want to ask for somewhere below $3000. If you are denied, then ask for a lower amount since there is no waiting period with American Express.

It has been reported that they only do soft pulls for credit limit increase. Also, if your CLI request is granted, you have to wait 30 days before you can request another CLI. Finally, if you requests for CLI are still being deny, then it’s better to get a new American Express card. Here are some better AmEx Cards:

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The Credit Card Act of 2009 (H.R. 627) has a new set of rules for credit card issuers with annual fees, rewards program, interest rate hikes, and issuing cards to minors. Most of the major changes will take effect on February 22nd as outlined by the Federal Reserve.

Top Credit Card Act Rules

1. Interest rate cannot be raised within the first year unless it’s an end of introductory rate, variable rate tied to the LIBOR, or more than 60 days late on a payment.
2. Existing balances cannot be retroactively apply rate increase.
3. Monthly statement due dates must be the same day every month.
4. Minimum payment requirements cannot be raised without notification.
5. Issuers can raise interest rate with 45 days advanced notice and customers can opt out.
6. Any amount over the minimum payment due will go to the highest interest rate balance first.
7. Double cycle billing and Universal default are not permitted.
8. The over-limit must be opt in, likewise cardholder can opt out anytime.
9. Issuers cannot charge extra fees for paying their bill and statements must be 21 days before due date.

If issuers make a change to your card agreement, you have the right to opt out. If you do opt out, issuers can have cardholder repay the balance over 5 years and keep the same payment as before.

Rules for Minor/College Students

1. You must be 21 to get a credit card. If not, you must get co-signers or prove source of income to repay the debt.
2. College or alumni association’s deals with credit card marketers must be transparent to the Federal Reserve Board.
3. Credit card companies cannot come within 1,000 yards from campus.

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For those Chase customers with a Chase Credit Card and a Chase Checking Account, you may be able to get a free FICO Experian score. People from the following states AZ, CA, ID, NV, OR, UT, and WA are qualify at the moment.

Here’s a recent email from the CSR:

Thank you for contacting the Internet Service Center.

Thank you for inquiring about the ability to view your
credit score online. I’m happy to explain this new feature
to Chase Online.

Starting February 11, 2010, some credit card customers who
log onto Chase Online will see a full-page ad notifying
that you can find out your FICO credit score at no charge.
The FICO score is valuable to you because it’s a key
factor in determining the loan rates and credit card terms
that you are offered.

The ad features a “Show me my free credit score from FICO”
button that you click on to see your score.

When you click on the button, you’ll be taken to a special
Chase Online page that gives you your credit score (within
a 10 point range) and additional information about how to
improve or maintain your credit score. FICO scores can
range from 300 to 850; they’re provided by Experian, a
third-party credit reporting agency.

When you click “Go to My Accounts” on the full-page ad you
will see a banner ad promoting the free FICO score after
subsequent log-ins to Chase Online.

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I believe we might be coming back from a recession. How do I know? I notice credit cards bonuses been on the rise lately. Currently, Chase Sapphire(SM) Card is giving away 10,000 Bonus Points after first purchase. The 10,000 bonus points can be cashed in for a $100 check. There is no annual fee with the Chase Sapphire Card.

Once you apply for the Chase Sapphire Card, then make one purchase to get 10,000 points. Do the following to cash out:

– Call Ultimate Rewards Redemption Center at 1-800-610-5676
– Enter in CC# and zip code when prompted — the automated voice prompt should verbally state your current point balance as reflected in the system
– Select option to redeem rewards
– Select option to redeem rewards for cash (Option 2, I think)
– Select option for $50 check
– Indicate number of $50 checks that you wish to redeem — 2
– Complete order and make a note of confirmation code

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Many Citibank cardholders have received notices of an annual fee effective April 1, 2010.

From the letter:

February 13, 2010

Dear Potentially Hosed Customer,

We’re writing to let you know about an important change we’re making to your account. Effective April 1, 2010, an annual
fee of $60 is being added.

The reason we are making this change is to maintain the quality of our service amid the rising cost of doing business.
However, because we value you as a customer, we wanted to give you an opportunity to have the annual fee credited
back to your account.

Here’s how it works. Each year, we’ll credit the $60 fee back to your account once you have made $2,400 in purchases
during that year. That comes to an average of $200 in spending a month, an amount you can reach by using your card
for purchases you already make, like gas, groceries, cell phone plans or your cable bill.

As always, you have the right to opt out of this change and close your account. Please read the Notice of Change in
Terms and Right to Opt Out beginning on the back of this letter so you are fully aware of all your account changes. If you
have questions, call 1-866-915-9425.

Sincerely,

Ken Stork
Citibank (South Dakota), N.A.

Here are some of the Citi cards with annual fee starting April 1st:

1. Citi Diamond Preferred Rewards MasterCard
2. Citi Dividend World MasterCard
3. Citi mtvU
4. Citi Drivers Edge
5. Citi CashReturns

It states that once you spent $2400, they will add the $60 credit back to offset the fee. This is almost like blackmail in my opinion. I suggest get a new card with no annual fee below:

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