The days of gift cards decreasing in value after as little as six months because you didn’t use them—or the card expiring after only a year—are gone. As a result of the Credit Card Accountability Act, rules are now in place to protect your gift recipient. However, not all types of gift cards are protected. Take a look below before you purchase any gift cards this holiday season.What type of cards are covered by the rules? Store Gift Cards Gift Cards with a MasterCard, Visa, American Express, or Discover brand logo How are the cards protected? Limits on expiration dates. The money on gift …
Effective October 1, 2011 the CARD Act will require credit card issuers to consider only the applicant's income—rather than the household's income—when opening a new credit card account or increasing the borrowing limit on an existing card. Once the rule is implemented a stay-at-home spouse without assets or a source of individual income will be unable to open a new account solely in his or her name. Plus, if they already have an account they may be unable to have their credit limits raised.What are your options?1. Apply for a card in your name now, before the rule takes effect Oct. 1, 2011.2…
Parents will spend more than $600 to get one child ready for school this year, according to the National Retail Federation’s annual survey. How much will you spend? Here are a few simple tips to lower your back-to-school expenses. Shop End-of-Summer SalesPick up inexpensive short-sleeve shirts that kids can wear into the fall. While you’re there, plan ahead and pick up items for next year too. Stick to the ListIt sounds simple enough, but stick to the list from your school. The back-to-school section of stores these days looks like a toy department full of colorful and trendy items. However, …
Small-business owners and self-employed individuals take note: Be on the lookout for scams that specifically target small businesses. Here are a few scams to watch for.* Directory Scams—Usually the scammer will call a business to "update" the company's entry in an online directory, or the scammer might lie about being with the Yellow Pages. The business is later billed hundreds of dollars for listing services it didn't agree to or for ads it thought would be in the Yellow Pages. Office Supply Scams—Some scammers prey on small-business owners and hope they won't notice a bill for office …
If this economy has taught us anything, it’s the importance of having an emergency fund. However, switching your focus to paying down debt may be more beneficial, depending on your financial situation. Here are a few factors to consider. Debt Type: In most cases, you should first focus on paying down your debt with the highest interest rate. This type of high-interest-rate debt can include credit card debt or personal loans. You won’t earn more on the money you save then what you’re paying on your high-interest debt so it may be in your best interest to focus on getting rid of the debt. Your …
In the wake of the recent Minnesota government shutdown even more Minnesotans are without a job. Whether you’re recently unemployed, been unemployed for months or simply watching your budget more closely because of the shaky economy, we want to hear from you.As a Patch.com contributor who works for a credit union I’m always looking for ways to help our members and community save money and better their financial situations. We operate each day by following the “people helping people” philosophy and I encourage you to do the same by sharing your tip by answering this poll question.I want to …
If you’re looking for ways to save money, refinancing your current mortgage to a lower rate is a great place to start. But, getting a lower rate by refinancing is not the only reason you may choose to refinance. Here are a few others: Refinance to a fixed-rate mortgage. If you’re currently in an adjustable rate mortgage and looking for stability in your finances switching to a fixed-rate mortgage could be the right choice for you. Consolidate. If you have another mortgage, such as a home equity line of credit, which may be at a low rate now, some are looking to consolidate their debt into one…
If you’ve ever financed a vehicle at your local credit union, bank or even the dealership, you may have been asked if you want to add GAP to your loan. What is GAP? While GAP programs may vary depending on where you finance, below is a general explanation to help you understand how it works and whether it’s right for you.GAP stands for Guaranteed Asset or Auto Protection. Simply put, it’s a way to help protect you from unexpected costs if your vehicle is stolen or totaled.For example, your loan may be for $25,000, but your vehicle isn’t worth that much due to depreciation. Often times your …
Since the mid-1990s many of us have enjoyed free checking without minimumbalances or annual fees. But for many that has already come to an end or may end soon. But why?In the wake of the financial crisis, new reforms have been adopted limiting the feesfinancial institutions can impose. These new regulations, while helping consumersin many ways, are also beginning to hurt consumers as some of the larger financialsscramble to find ways to replace the billions they estimate they will lose. One of the first casualties has been free checking. Some of the country’s largest financials have already …
Graduation is almost here for many high school seniors and their families — but that means the first day of college is just around the bend.New college students have a lot to learn and adjust to, from campus life to money management. Is your child prepared? Send your child to college with money skills that can help them prepare for their new financial independence.Give Them ToolsHelp your child open a free checking account. Teach them to balance their checkbook and monitor their account at least once a week with tools like online banking. Explain the fees associated with a checking account, …
It seems that we’re all looking for ways to do things quicker these days, including the way we communicate. From text messaging to Twitter, the English language is continually being abbreviated and shortened. Industries are not excluded from this practice and have been using acronyms, abbreviations and special terms to describe their businesses for years. Below is a quick list of commonly used acronyms and terms that you may encounter in your local credit union or bank but have never fully understood. APY stands for Annual Percentage Yield. You’ll most commonly see it mentioned with checking…
Do you know your credit score? Do you know what’s on your credit report? Many of us are clueless about our scores and have never looked at our credit reports — yet a good credit score is key to getting the best deals on home loans, auto loans, credit cards, student loans, insurance and even renting an apartment.Here are a few simple tips to help you improve your score today:1. Pay your bills on time.Every lender wants to know if you pay your bills and this portion of your credit report will tell them. As a matter of fact, approximately 35 percent of your score is based on this factor. If you’…
Editor's Note: Alyssa Karl is a regular columnist on Patch. Her column publishes on the second and fourth Thursdays of each month. E-mail her at akarl@heartlandcu.com. Spring is just around the corner, and many of us shake off the winter blues by spring cleaning. This year, add “Finances” to your spring cleaning list and breathe some fresh air into your money management.1. Get OrganizedAre your bills and receipts scattered throughout the house? Stuffed in a box? Sitting in a pile on the table? Create a filing system that is simple to access and maintain. From plastic binders and a three-hole …
Editor's Note: Alyssa Karl is a regular columnist on Patch. Her column publishes on the second and fourth Thursdays of each month. E-mail her at akarl@heartlandcu.com. We’re all familiar with the ads for zero percent auto financing, but is it really all it’s cracked up to be? Unfortunately, for many the answer is no. Before financing your next vehicle here are a few things you should know about zero percent auto financing to ensure you get the best deal.1 . Most consumers don’t qualify. Zero percent financing is typically limited to consumers with high credit scores or, as the ads say, “well-…
Editor's Note: Alyssa Karl is a regular columnist on Patch. Her column publishes on the second and fourth Thursdays of each month. E-mail her at akarl@heartlandcu.com. You just sat down to a nice dinner with relatives and conversation is going great, until a little voice from the end of the table blurts out: “Mom, chew with your mouth closed, or you get a time out.” Who said our kids aren’t paying attention?Whether we know it or not, preschoolers are constantly listening and watching everything we do. They are curious and ready to learn, so now is a great time to help them understand money …
Editor's Note: Alyssa Karl is a regular columnist on Patch. Her column publishes on the second and fourth Thursdays of each month. E-mail her at akarl@heartlandcu.com. Like many consumers I opened my first checking account at the bank my parents used — no questions asked. My parents banked there, and so my siblings and I banked there. I wasn’t introduced to credit unions until college, when I started working at one and I quickly learned their story and purpose. So what are credit unions and why are they getting positive praise during our current economic crisis? Here are some key features to …
Editor's Note: Alyssa Karl is a regular columnist on Patch. Her column publishes on the second and fourth Thursdays of each month. E-mail her at akarl@heartlandcu.com. My name is Alyssa Karl, and I’m thrilled to be writing for Inver Grove Heights Patch. I moved to Minnesota in 1996 to earn my Bachelors Degree in Written Communications from St. Catherine University. I’ve been in the credit union industry for 11 years now and I’m currently the marketing director at Heartland Credit Union. Heartland Credit Union is a member-owned, non-profit financial cooperative — which means we're here solely …
