It has been confirmed on many forums that the 2% Unlimited Charles Schwab Cash Back Credit Card will no longer accept new applicants by the end of March. This means you need to apply for this card ASAP to be grandfathered in and the 2% will still apply to you. I have recommend this card for all my friends and family members simply because this is the best cash back card overall. Another great perk is no foreign transaction fees for using this card overseas.

I recommend to apply over the phone since CSR said they no longer accept online applications.

Call 866-724-9223 and use priority code UAAS36.

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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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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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Those with a Visa Signature card from the list below, you can get a free $5 in movie tickets for every $20 purchased at Fandango. Before they have the buy one get one free, but the promo is over.

414716 – Bank of America (US) – Alaska Airlines Signature Visa Credit Card
426690 – Chase Disney Visa Rewards
414720 – Chase freedom
424615 – Chase freedom alternate code
426684 – Chase freedom Cash Rewards
426681 – Chase Rewards
441712 – Chase Buy.com
441597 – Chase rewards
435787 – Chase Sapphire

412800 – Citi Dividend
412800 – Citi Forward
412800 – Citi MTVu

441712 – SW visa

431307 – Fidelity Investments

431307 – Schwab Invest First

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The Chase Sapphire is getting great reviews from many blogs and online mags. The $100 bonus is not the only icing on the cake. Here’s a quick sample of their no hold time for customer services.

When a Sapphire cardholder calls Chase, “a specially trained advisor picks up the phone – with no need to navigate a voice-response system.” These specially trained advisors have the goal of resolving the customer’s need on the first call. (Chase didn’t say anything about the empowerment to do so, but perhaps that’s a picayune quibble). No phone tree has to be worth at least a ten point reduction in blood pressure. Can one really put a price on health? Perhaps not, but Sapphire seems to have given it an annual fee…

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Good news for those with the Discover Card 0% Balance Transfer for life; you no longer required to make 2 minimum purchases to get the 0% APR.

Here’s a recent email:

Thank you for your recent inquiry regarding the extension of the balance transfer rate on your Discover Card account.

Great News! You no longer have to make transactions in order to extend your balance transfer rate on your transferred balance per the terms of the original offer.

Please keep in mind that if you pay late, the promotional Annual Percentage Rate (APR) will end, and we may increase all of your APR’s to a variable Default Rate of up to 29.99%. This change does not affect any other Balance Transfers or other promotional rates and terms that you may have on your account.

Remember, Discover Card rewards you with CashBack Bonus for the things you buy. We did not advertise this as we encourage you to continue using your account for your purchases to increase your CashBack Bonus balance.

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I’ve reading on a few articles the Credit Card Act goes into effect on Feb. 22, and it seems like Credit Card companies will take a closer look at your household income on your applications.

From the article:

“We’re headed down the road where if you can’t verify your income, you can’t get a credit card,” says John Ulzheimer, president of consumer education for Credit.com, a card-comparison Web site

CC companies are doing everything in their power to cut your credit limit. On one hand, I don’t think people who is not credit “worthiness” should get credit. This prevents people from buying things they cannot afford. On the other hand, this is how CC companies make money by people borrowing money and paying interest each month.

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For those who made a foreign transaction with a Mastercard, Visa or Diners Club branded credit card, or debit card anytime between February 1, 1996 and November 8, 2006, you can get $25 for filing out this settlement form. There are few other options to choose, but I think the $25 is the easiest. You [...]

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