The major banks are getting REALLY aggressive with their credit card rewards programs.  It seems like I’m seeing an ad on ever site I visit tempting me to open up a new credit card account with Chase or Citibank…and their are offering me 50,000 Bonus Points, and more, if I take the plunge.

This is a pretty amazing deal!  These bonus points are very easily turned into cash or gift cards at almost any major retailer or restaurant.  The catch is that generally you have to spend around $3000 on the card, in the first 3 months that your new account is open, t0 get the bonus rewards.

In addition to the bonus, you still get the normal 1%, or somethings 2%, rebates on all of your purchases.  The free stuff can add up fast if you are a big spender and if you pay off your card in full each month.

Conclusion:  The best offer that I’ve found at this point is from Citibank.  Check out http://www.citi.com/rewards

Remember, USE CREDIT CARDS WISELY!  If you buy a bunch of stuff you don’t need, or carry a balance and pay interest, you will never get ahead…and you could be stuck being an “Almost Millionaire” forever

I recently suggest to one of my very best friends that he call Quicken Loans to refinance his Adjustable Rate Mortgage to take advantage of today’s great deals on 30 year fixed rates…they are under 5%.  I had recently done business with Quicken loans, and had enjoyed a smooth and simple refinance. 

My buddys wife calls the company to find out if they will qualify.  The agent tells her that they will, and then in my buddys’ words…”pressures her to place a $750 “refundable” security deposit to cement their business relationship.”  His wife was told that Quicken was confident they could get the loan done for them…but if they couldn’t, their $750 deposit would be refunded in full. 

OF COURSE, Quicken is not able to get the loan done as they had thought…something about the home not appraising at the level they thought it would.  No Big Deal, Right?  Just send us our deposit back and we will try to make other arraignments.  THEY WOULD NOT GIVE THEM THEIR $750 BACK!  My buddy is MAD!  He has made it his personal mission to tell everyone he knows to avoid Quicken Loans like the plague…and I don’t blame him. 

I FEEL BAD about making the suggestion.  My experience was fine.  Maybe I had a better loan officer?  Maybe I met their “perfect customer” profile?  Either way, why are they charging $750 just to get a good faith estimate?  That seems shady, especially if there is ANY chance that you may not get that money back if you get a crappy appraiser for your home. 

Is anyone else out there having trouble with Mortgage Companies?  Let me know your experience, good or bad.  After I suggested QL to my buddy, I found this resource online…sounds like they are upsetting A LOT of customers these days.

(I know the above graphic sucks, but I was too lazy and tired to mess with PhotoShop tonight)

JUST TWO DAYS AGO I was having lunch with a friend from work.  I was BRAGGING about how great my Capital One No Hassle Rewards Card was.  Great rewards, and an EXTREMELY LOW interest rate.  Look very closely at the Purchase Rate and you will see that it is 4.24% APY.  I told him about this and he simply didn’t believe me.  But you see it there, in living color.  I USED to tell everyone that Capital One was one of the best credit card programs available.

So what am I complaining about you may ask???

When I get home from work today, I’ve got a letter from Capital One, It reads as follows:

“Due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts.  Having considered these economic conditions, your account’s current Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate.  We’re also raising you Cash Advance rates.  The following changes will be effective for all billing periods that begin after April 17, 2009″

My new purchase rate went from 4.24% to a whopping 13.9% and my Cash Advance rate went to 24.9%

Isn’t this a great way to reward some of your best long term customers.  The letter does say that I have a right to decline these changes…but only by closing out my account.

I’ve got an amazing credit history and have had this card with a $20,000 credit line for a long time.  I don’t have any balance on it, and I believe that I will be closing it…who wants to do business with a company like this…ECONOMIC TIMES ARE TOUGH, SO OUR SOLUTION IS TO SCREW OVER OUR BEST CLIENTS.

Looks like I won’t be buying any Capital One Financial stock any time soon.  Who is running this company anyways?

With so much fine print in each credit card offer, I believe you need to work hard to educate yourself on what card features and benefits are going to best fit your needs.  For example, right now the most important credit card feature for me is a low balance transfer rate.  I’m juggling a bit of debt, and my job as a credit card user is to get myself the lowest rate that I can find.  In the future I may need a card with a low purchase rate, and that will cause me to investigate further. 

All that said, good luck using credit wisely!  That is the only way to do it, especially given the current state of our economy!  Get as much information as you possible can, and then make a great decision.  And make sure you do your best to get a card with great rewards too!

With gas prices back down to $1.36 at the Sam’s Club in Jackson, MI, I’m wishing that I would not have set fire to my H2 (Kidding)

But seriously, those crazy $4.00 plus gas prices changed something inside my brain in regards to consumption.  I have actually dropped insurance on the H2 to “storage only” and it is currently parked in my garage until it is called back into active duty.  I also got rid of my Dodge Durango (15 MPG) and got my wife the Dodge Grand Caravan that she had been wanting (24 MPG)  I also bought myself a nice little Ford Focus (39 MPG) I now officially own all of my vehicles!  This is huge, bucause up until recently I’d been leasing something new every two to three years…money down the tubes.  For the first time in a long time, I really feel like I’m making smart decisions with my finances, and I don’t ever want to go back to the “I’ve got to have the latest and greatest thing” mentality that I’ve lived with for the past 10 years. 

Anyways, I’m sure enjoying these gas prices, but I don’t think they will last long.  I also PRAY that these cheap prices don’t derail our attempts to create better alternatives to oil based transportation!

I am a major advocate of the SMART use of credit cards.

I have been known to often tap credit cards for major purchases when they are offering attractive rates or balance transfers offers. My favorite aspect of using a credit card is the reward program. I would never use a card that does not offer a rebate program. I have enjoyed some amazing free stuff over the years through using rewards cards for personal and business purchases, and paying them off in full each month. In fact, my last four airline flights have been completely free because of the airline miles I’ve earned through my credit cards.

Anyways, I’ve found a great place to compare and contrast which credit card may be best for your individual situation. Visit Credit-Land.com and check out the various credit cards that are out there right now.

There are really two good ways to search.

If you are looking for the lowest possible APR…

If you are looking for a great Balance Transfer Card, they offer a lot of different options.

Good luck, and remember to use credit wisely!