Credit card rewards are all the rage these days. Some people are even signing up for cards just to get the rewards and some are even making money telling others how to reap these rewards. Credit card companies are certainly hip to the popularity of rewards, but they also know how these programs could cost them money, so they are adding new tricks to make rewards look appealing, yet harder to get.

Here are some to watch out for:

Enrollment Requirement for Rotating Rewards

Some programs specify that you must sign up for bonus categories in advance. So if the card promises a 5% cash back on gasoline from May to July, but you didn’t pre-enroll you may only get the minimum rate, which is typically 1 percent. Actually, they card issuer is betting that a large percentage of customers will miss the fine print and forget to sign-up in advance.

Spending Thresholds

Some cards require customers to spend a minimum amount before the standard rewards rates kick in. Some also have a maximum amount of spending that will qualify for a higher rewards rate.

For example, the Discover Open Road card offers 1% cash back on most purchases, however, the first $3,000 in purchases qualifies only for .25% cash back – and gasoline and dining purchases don’t count towards this spending threshold. So you need to spend quite a lot to get that 1% back.

This same card also offers rewards of 2% cash back on dining and gasoline purchases. However, this is only good for the first $250 in spending each month. You’ll drop back down to 1% after you reach $250 in spending at restaurants and gas stations.

Complicated Rewards Programs

Many rewards programs are so complicated, they encourage consumers to give up rather than cash in.

Here’s a fine example, The BP Visa Signature and Visa cards offer $0.25 cents off per gallon of gas. However, you have to spend at least $100 in a month, the offer is only good for up to 20 gallons, and you won’t be able to carry over any leftover rewards. So, if you only need 9 gallons of gas on your next fill-up, the rewards for the remaining 11 gallons will go to waste. And your brain will hurt trying to calculate all of this while you are freezing at the pump.

Moral of this Story

Always read through the fine print before accepting a credit card based on the rewards program.

Want an Easy to Understand, Honest Reward Program?

Check out the Coors Credit Union Platinum Visa

Sometimes balance transfer fees can be offset by savings, but not always and besides that, you should try to avoid fees whenever possible–and it is possible.

At Coors Credit Union you can pay off your debt earlier with a rewards earning VISA starting as low as 11.90%, to a low fixed-rate VISA with no frills starting at 7.90%. Both cards come with NO balance transfer fees, NO cash advance fees and NO annual fees – NO KIDDING!

But, don’t just do it because we said so.  Below is comparison of Coors Credit Union Visa cards (bottom of chart) and balance transfer credit cards found on Bankrate (1/25/12). These are Bankrate’s 10 best choices for commercial balance transfer cards. They all offer 0% APR on balance transfers, though for a limited time, and they all charge a Fee to do so. The exact balance transfer fees are not disclosed until you go through the online application.

The bottom line (of the chart) shows that Coors Credit Union Visa cards are an awesome deal: No tricky introductory periods, low rates and no balance transfer fees!

When was the last time you cashed in your rewards points? What makes you wait?  Are you saving them for something special, or if you are like most people, you just ignore them.

Well, here’s a note from your ScoreCard Rewards points….”We’re bored”

Your points are there for you to use. So cash them in.  Take a trip. Get some cool stuff. It’s yours for the using.

Every time you use your Coors Credit Union Visa rewards cards you earn more points. Qualifying purchases (minus returns/other credits) earn you 1 point for every $1 spent. (Sorry, cash advances, fees and balance transfers don’t count.)

 You might look at the ScoreCard rewards catalogue and think that the rewards required to get items or airline tickets are rather high, but look at this way–It’s like free money!  You’re not shelling out extra cash for these goodies, you’re getting a bonus for the dollars you’ve already spent.

The ScoreCard Rewards program is a good deal. Other programs don’t offer the $1 for 1 point deal and reward you much more slowly.  Plus, ScoreCard Points don’t expire (but, that’s no reason to hoard them. Program rules can always change.)

Currently you can purchase air travel for 27,500 points. That’s comparable to airline frequent flier programs.

But, ScoreCard has a lot more to offer than just air travel. You can get gift cards, sports equipment, get ski passes, or book a once-in-a-lifetime adventure.

You can select your rewards anytime you like with the 24/7 customer service.

Curious about what ScoreCard Rewards offer?  You can browse the catalogue and get your questions answered, even if you don’t currently have the Coors Credit Union Visa Rewards card.

Check out all the benefits and compare Coors Credit Union Cards.

We’ve all heard that the easiest way to catch fraud and monitor our account is through online banking. When you get into the habit of frequently checking the transactions made to your checking account, you’ll easily recognize when something doesn’t seem right. But, that’s just for checking and debit card transactions, but what about your credit card?

Credit card charges are not part of your online banking account. Though your online banking may give you access to credit card statements, this isn’t as up-to-date as your checking account transactions. The best way to review your credit card charges is to thoroughly read your credit card statement.

Don’t Worry.  If you see transactions that you cannot account for contact our card services department. (This goes for debit card AND credit card transactions.)

The card services department will begin an investigation of any suspicious charge, no matter how large or small the amount. This is important because you should never ignore strange, but small charges, since this could be a thief’s way of testing the card to see if transactions will be accepted. In addition, thieves may use a card to make several small purchases that don’t require authorization.

When an investigation of a charge is opened the card services department can provide information as to where the purchase was made (state & city), type of merchant & whether the card was present for the purchase. They can also provide a substitute receipt if needed. This can be helpful in identifying whether or not the transaction is fraudulent.

We’re Watching Out for You. Our card processor security department monitors you purchasing habits. Okay, this might sound creepy, but it’s not what you’re thinking. We don’t analyze this data to use for marketing, nor does this information get transferred to any other company. The security department simply watches for unusual activity.

So, if security notices transactions that aren’t typical, such as an extremely large charge or charges from other countries, your card may be blocked until we can contact you to verify the charges. If we are unable to contact you, then an email alert will be sent to you.

Still the #1 Rule. Review your card statements. Don’t just pay your credit card bill and assume that all is well.

1. Do you use credit to meet basic needs?
2. Do you avoid or ignore credit card statements?
3. Do you skip one credit card bill to pay another?
4. Do you charge more than you pay?
5. Do you screen your calls for creditors?
6. Have you used up your emergency fund to pay credit cards?
7. Do you use credit to “afford” expensive items?
8. Do you have past due accounts?
9. Do you have maxed out credit cards?

The worst thing you can do when you feel credit card danger coming on is to avoid it. Not opening your statements, maxing out cards and screening your telephone calls for creditors are the top signs you are in trouble.

The best thing to do is to get your head out of the sand and stare your debt straight in the face.

Coors Credit Union has several resources to help you gain control of your debt.

Our Staff–Come talk to us.  Our number one priority is the financial success of our members. Sometimes it’s hard to see how to resolve a problem when you are living it. We’ll help you look at your situation with fresh eyes and find solutions.

Debt in Focus–This free online debt assessment tool that helps you put all your debt in focus in a single report. It’s completely confidential and will show you how to pay down debt quicker.

Consolidate Your Debt–Roll your debt up into one low monthly payment with a low-interest Coors Credit Union Visa Rewards card.

So before you jump in and start applying for credit cards that offer big reward programs–and there are many right now as card companies compete for your business–be sure to consider the following:

Your goal should always be to build a strong credit rating. Understand that every time you fill out a credit card application, you ding your score. It may be a small ding, but each ding makes the dent bigger.

You should n0t sign up for a card just because it has nice points. You’ve got to read the fine print and consider the annual fees. For example, many cards will offer a portion of the reward points just for signing up, but not release the remainder of the promotional points until you’ve reached a minimum charge on the card.

Is the annual fee worth it? It’s not uncommon for higher end cards to charge over $450 in an annual fee. So, do the math and figure out if the rewards you get are greater than the fee charged. How many points are needed to redeem an airline ticket, for example? Are there other free services included and would you use them? Some cards offer concierge services or tee-time booking. Is that of value to you?

Some people think that they can sign up for a new account rewards just to collect the points and then cancel the card. Nope. Many card companies require a minimum period in which you must have and use the credit card. Also, canceling credit cards can hurt what’s known as your credit utilization–how much credit you have compared to how much you owe. For example, if you owe $2,500 on three credit cards with a total credit limit of $10,000, your utilization is 25 percent.

If you are young and just beginning to build credit, you should be especially cautious about chasing cards for reward points. On the other hand, if you are mature and have a strong healthy credit history going after a card for its points probably won’t hurt you.

We can’t stress enough how important it is to read the fine print of every credit card offer. Also read the fine print on rewards offers.

The Coors Credit Union Visa Rewards card comes with ScoreCard Rewards and offers great rewards on merchandise, electronics, home products, personal care, recreation and travel.

First what’s in it for the banks? This is easy, by asking
you to add authorized users to your account the banks get more consumers using
their card, but there is more. Typically, when you add a user, you are adding
someone who can’t get a card on their own, or they are your spouse. Your spouse
might be able to get their own card, but it just might be more convenient for
to have both cards on one account.

When you add an authorized user who cannot otherwise get
their own card, you are taking on a risk. It might be a son or daughter that
you are adding because they need the convenience of a card, but don’t have the
credit history to have their own card. Or, you may think that giving them a
card is a way to teach them about credit cards while they’re still in your
control. Almost anyone else that would need you to authorize them is probably a
risk.

If you authorize your brother who can’t hold a job, has no
savings or credit history, well, then you are setting yourself up trouble. If
he defaults on the card, you are liable for repayment.  CON

Another thing to consider is what the additional card does
to your credit score. Even if your brother gets it together and uses the card
responsibly, some card companies check credit reports when customers request
additional cards this can cause a slight ding to your credit report. CON

Many of the offers we have seen have a caveat. The reward
points are only released after the additional user makes a minimum charge. So,
if your authorized user is not a big spender, you may not be getting the
payback you expected. CON

On the other hand, for someone who has poor credit or no
credit an authorized user card can be beneficial. Credit card history is one
way a young person can begin to build a credit score. Someone who is trying to
bounce back from bankruptcy or divorce would also be able to improve their
credit rating as an authorized user. PRO

In conclusion, we don’t recommend ever opening a credit card
for the benefit of rewards or special offers. The value of these offers is
often overshadowed by the costs of limitations or annual fees. The trendy
authorized user promotions are especially risky.

To teach your child how to manage money via cards, we
recommend starting them off with an ATM only card. Once they’ve mastered
virtual money management, they will be ready to move up to a debit card.
Finally, when they’ve proven responsibility you can add them as a user to your Coors®
Credit Union Platinum Visa. Baby steps to working  credit accounts are the best way to build
skills for successful credit card usage and a healthy credit report.

Whether your holiday shopping caused a whopping hangover or just a financial headache, there is a remedy for you.

FIRST, bite the bullet and look at the damage. If you used a credit to pay for purchases figure out how much money it will cost you to pay off the balances in three to six months. Go through your monthly budget and move the numbers around so that you can pay as much as possible to get rid of the debt. Remember, paying the credit card minimum payment is not good enough. This will only result in prolonging and increasing debt. You should strive to pay as much of as you can each month.

PRIORITIZE your debt by interest rate. Incidentally, you should have used this factor when deciding which card to purchase with initially, using the lowest rate card for the bulk of spending. For your pay-off strategy, choose the card with the highest interest rate and work on paying that off first. Again, pay as much as possible to this card in order to pay it off fastest. When it comes to credit card debt, you don’t need to be fair and split your payments evenly. Attack that high-rate card with vengeance.

FILE YOUR TAXES. It’s a dreaded chore, but if you anticipate a refund then you should file your taxes early. Use the refund to give your finances a healthy shot in the arm.

CUT OUT THE LATTES. I am not a fan of sweating the small stuff to get finances on track. Usually, there are better ways to make a big impact. However, when your finances need a correction to help you recover from overspending, under-indulging can be just the thing. Review your spending habits and you may find that parting with the daily gourmet coffee or cutting back on evenings out can make a dent in your holiday debt.

PLAN FOR NEXT YEAR. The holidays come at the same time each year, but still they catch me off-guard. Really, it’s not that hard to set aside a little money in a secondary savings account to prepare for big spending hit. It’s like all of those ads for subscriptions or fundraisers. Saving just $2 a day would yield $730, plus interest. It’s not that hard.

Overspending or overindulging in anything just leaves you feeling sick and stupid. The best thing you can do is take a shower and get your act together as quickly as possible. Then you’ll feel much better.

Well this morning I was checking in with my zillions of news sources and one struck me. It was a story about how phishing scam incidents soar around this time of year. And yes! I want you all to be aware of this. Phishing is a dirty trick that criminals use to fool you into giving away information such as PINs, credit card information and more. Becareful! Don’t trust anyone who asks for sensitive information. NO ONE. Got it? Besides if they are legitimate, well then they’ll understand if you are reluctant.  So anyway, back to my topic (trust me this is related)….

If I order something online and it doesn’t arrive, I’ve got backup from the credit card company. All I have to do is make a phone call and I can halt payment for the item.  Note, however, that different credit card companies may have different policies. Some card companies will only dispute a merchant charge if the item was sold for more than $50. The Visa Zero-Liability policy states, “you won’t be held liable for unauthorized purchases made with your card or account information.”

This bit of assurance is also handy when you suspect fraud on your account. As soon as you identify an unexpected charge to your account, notify the credit union. As with almost anything early detection is the key. Again, Visa is on your side, “Visa’s cardholder protection policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within 5 business days of notification of the loss.”

Belive me as the holidays become more frenzied, my shopping becomes harder to keep track of, but putting items on my card (whether debit or credit) actually helps me keep track of things. Hopefully, it will also help me remember where I’ve hidden them once it’s time to give the gifts.

And so, here are a few tips to make your credit card spending more joyful.

#1   Don’t Open a Card “Just for the holidays”

Retailers and credit card companies expect this holiday season to be a downer. To entice you into spending most card companies are running some rather sweet promotions. But, this isn’t the time to let your emotions rule your wallet. Opening a new card “just for the holidays” is like poking your finger in the back of  the chocolates in the Whitman’s sampler. It only leads to more mess…for your credit report. This goes for not only the big cards, but store cards as well. Every credit card application is a ding to your report and every card you carry makes it that much harder to control your spending.

#2   Understand Your Billing Cycle

Since the whole reason you are using a credit card in the first place is to buy now and pay later, you’d better understand how soon later will come. If your billing cycle ends tomorrow, then maybe you should just pay cash for the thing.

#3   Watch Your Credit Limit

Running a balance close to your credit limit or going over your credit limit are big boo-boo’s to your credit report. Before you start shopping know how much spending power you have.

#4   Avoid Cash Advances

Cash advances typically are charged at a much higher interest rate than purchases. If possible avoid taking a cash advance on your credit card. HOWEVER, if you are strapped for cash, a credit card cash advance may be your best or only option. Weigh your options first and choose the most cost-effective path.

#5   Don’t Be Foolish for Rewards

Rewards programs are often sweet, that is if you are purchasing because you want to make a purchase and not just for the rewards alone. Be sure to look at the real cost of rewards points. Some programs require you to charge much more in purchases than the value of the reward. It’s all fine, if you aren’t charging the item just to reap rewards. A reward should be a nice bonus, not a goal.

#6   Stick with Your Budget

Do stick with your spending limits. Just because you can pay the card off later, doesn’t mean you should spend more than you can afford. Remember the spirit of the season is to show your appreciation. No one wants to see you burdened by gift giving.

Cheers!

Some people are happy about the über commercial noting that the fact that Amex has significantly increased their advertising budget points to a recovering economy where businesses can afford to market once again.

The rest of us (while we agree that business spending is good for the economy) might also wonder how Amex can afford such lavish spending. Is it right that a credit card company should blatantly spend over $1,000,000 for a single ad? You know who is actually paying for it—and how it’s being paid for. The Amex Black Card carries an annual fee of $2,500! Amex Platinum = $450,  Gold = $175, Standard Green = $95. There are more choices and of course you can’t compare cards by annual fee alone. But the point is that American Express is making a fine little profit off it’s deck of credit cards.

For perspective look at the Coors Credit Union Visa cards. The card is accepted wherever Visa is accepted. It has a rewards option and NO ANNUAL Fee.

Yes, the Coors Credit Union Visa is different from Amex in prinicipal. American Express offers a true credit card that must be paid off. The Visa card is catergorized as more of a loan and gives you the option to pay the balance in full or partially (interest will accrue). However, Coors Credit Union options to offer it’s members affordable tools that are needed for your financial lifestyle without pinching you for profits or using funds to pay for costly advertising.

So as you sit back, relax and enjoy the mini dramas of Conan and Amex, just keep in mind where the dollars came from to pay for all that.

These theives make small charges to a large number of credit cards. Charges are usually between $0.20 and $10. But these little charges have added up to over $10 million in stolen money. The FTC suspects that the amount could be much higher. The small amount often gets little attention from consumers, especially those that travel and are used to seeing oddly named miscellaneous fees on their account.

After a 9-month investigation a federal court has halted an elaborate international scheme that used identity theft to place more than $10 million in bogus charges on consumers’ credit and debit cards, pending a trial. According to the memo:

“The defendants, using phony company names resembling real companies, and information taken from identity theft victims in the United States, opened more than 100 merchant accounts with companies that process charges to consumers’ credit and debit card accounts, according to the FTC complaint. The FTC believes the defendants may have run credit checks on the identity theft victims first, to be sure they were creditworthy. The defendants also cloaked each fake merchant with a virtual office address near a real merchant’s location, a phone number, a home phone number for the “owner,” a Web site pretending to sell products, a toll-free number consumers could call, and a real company’s tax number found on the Internet.”

The lesson here is to check your account often and question everything, especially those anything that has an unusual name. While recently traveling oversees, my husband questioned a charge that showed on our account several times as “Carriage”. It turned out to legitimately be the name of the bank where we had used an ATM, but even charges with “normal” names should warrant your investigation.

To give just a few examples of the FTC investigation here are some of the names that have been associated with scam charges: ACM, Eureka, Marx, Site Services, Advanced Global Tech, MFG, AEI, SYS INC, United Service.  For more information contact the FTC.

The government now says that if you are over 21 you can drink and carry a credit card. And now that you see these responsibilities side-by-side you can also see how they are similar. Use either privilege , or both, irresponsibly and you’ll be headed for disaster. So, just like drinking, overuse of credit cards can be destructive, but in moderation it’s fine and by some claims even good for you.

Credit cards are good because they are the fastest and simplest way to begin building a credit score. The credit score is what everyone will use to judge your level of responsibility. This isn’t limited to lenders, so don’t wait until you’re ready to buy a house to start thinking about building credit. Even from landlords and employers make peak at your credit score.

When applying for a credit card keep in mind that more is not better. You don’t need a wallet full of cards. Choose one, maybe two to start.  Be sure to select different types of cards and use them for different purposes.

To get a handle on plastic purchasing, you might ask your credit union for a low limit card. This type of card has a very low credit limit, maybe $500. You would use this card frequently for purchases and pay it off each month. This is a good way to begin to learn to use credit. The low limit ensures that you won’t over extend you finances.

You should also have a card that has a higher limit. Save this card mostly for urgent emergencies or planned large purchases. One factor of the credit score calculation is the ratio of available credit to credit used. Use this card occasionally, but stay away from your credit limit. This will help your credit score.

The two most important things to do when reviewing credit card offers are:

1. Look at the interest rate, but don’t judge by that alone, and
2. Read all of the fine print. This is where tricks are usually hidden. If you don’t understand something, look it up.

Since the 2009 Credit Card Reform Act, card companies are no longer allowed to market credit cards to anyone under 21 years. That might mean two things: 1) The 2010 freshman class will have to find another way to build their wardrobe since there will be significantly less free t-shirts from card companies, and 2) 2010 graduating seniors will find their mailboxes stuffed to the brim with credit card offers. To be sure you’re not being handed any sneaky offers take a proactive approach and go to your credit union. They are more likely than large banks to provide solid credit cards with low rates and few fees. Plus, they usually give you great tips on how to get the most out of your card and build a healthy credit score.

Okay, I’m going to reveal my age, but when I was a kid my mother and everyone else’s collected S&H Green Stamps. I don’t remember too much about the program since it fizzled during the 1970s, but I do remember that my Mom was collecting them like crazy and my Dad thought this really was crazy. Many stores and gas stations used Green Stamps to entice shoppers. If you bought this week’s special you got some Green Stamps. You saved your Stamps in little books and then exchanged for all sorts of things at the Green Stamps store on through the catalogue. But, I can only remember going to the store once. As the program faded these stamps were still everywhere, my Mom lost interest and let us play with them. It’s interesting that the recession of the 70’s caused S&H Green Stamps to lose popularity. Isn’t that the time when everyone seeks a bonus?

What about your rewards? Have you let them slide during the last couple of years? Did you forget about them? Has your credit card company changed or dropped the program?

A Coors® Credit Union Platinum Visa Card still comes with ScoreCard® Rewards. If you compare the ScoreCard program with some others you’ll find that it’s one of the best.

ScoreCard points are earned 1-for-1. Every dollar you spend earns you one point. Points never expire, that alone is amazing. You can use points to purchase merchandise, travel packages, or my favorite airline tickets.  Why I like the airline ticket option is because there are no blackout dates and 25,000 points gets you a ticket for the continental US. And you don’t have to book a Saturday stay. Airlines have been tightening up their frequent flyer miles programs, but not ScoreCard, it’s still a great program.

Oh, and even better, no little stamps to deal with.  So, don’t forget about those points you’ve been collecting.