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MoneyTips Shortly after children are born, parents apply for the Social Security number that their children will use throughout their lives. Unfortunately, that leaves criminals with a golden opportunity to use that Social Security number to commit fraud – since you are unlikely to check the credit status of your own children. "Child identity theft is a huge problem," confirms Steve Weisman, a lawyer, author, and professor at Bentley University. "Children are far more likely to become victims of identity theft and you think, 'Well, who wants a child's identity? You know, they don't have great credit.' But what happens is the criminal gets clean credit with a child. They can then build up a phony credit report in the name of that child and then go for some large credit. They don't pay it back and often the child doesn't become aware of this until they're going for student loans or a car loan or something like that." The fraud can go u

MoneyTips You prefer the simplicity and the spending limit security of a debit card, but you also like the cash-back rewards associated with credit cards. Zero, a San Francisco financial startup, may have the perfect card for you. The Zerocard is a unique blend of debit and credit card . Zero's full package is composed of a credit card, a corresponding checking account, and a mobile app that serves as an interface between the two. (The mobile app is currently only available on iOS, but an Android version is expected by August 2019.) To get the hybrid credit and debit card experience, you must activate the automatic payment feature. Instead of accumulating charges like a typical credit card, Zerocard simply deducts the charged amount from your Zero Checking account. The app allows you to track both the charges and your net checking account balance in real time. You'll still ... from MoneyTips https://ift.tt/2Z84KuN

MoneyTips By Amy Beardsley Are you thinking of applying for a credit card? You're in good company with over half a million Americans submitting a new credit card application every day according to the Consumer Financial Protection Bureau . Applying for a credit card is simple but getting approved isn’t so easy. Both your credit score and your self-esteem can take a hit if your application is denied. To increase your chances of being approved, we present the best tips from top credit experts on what not to do when applying for a new credit card. 1. Ignore your credit report Miguel A. Suro, Miami attorney and personal finance writer at The Rich Miser, says knowing what's on your credit report is key. He states, "It's important to check your credit report and score before applying for credit cards so you can (1) c... from MoneyTips https://ift.tt/2NuouBI

MoneyTips Millennials are supposed to be the cautious generation where credit is concerned. Many were burned during the housing crisis and Great Recession and vowed not to be overextended with credit. However, evidence is growing that millennials are headed down the same dangerous credit path as previous generations. While millennials do have lower average credit card balances, recent surveys have shown worrying credit trends among millennials – including increased credit utilization and a tendency to buy things just to chase rewards points . A new CreditCards.com survey reinforces these trends. According to the survey, millennials... from MoneyTips https://ift.tt/2z8u58B

MoneyTips Millennials are supposed to be the cautious generation where credit is concerned. Many were burned during the housing crisis and Great Recession and vowed not to be overextended with credit. However, evidence is growing that millennials are headed down the same dangerous credit path as previous generations. While millennials do have lower average credit card balances, recent surveys have shown worrying credit trends among millennials – including increased credit utilization and a tendency to buy things just to chase rewards points . A new CreditCards.com survey reinforces these trends. According to the survey, millennials... from MoneyTips https://ift.tt/2z8u58B

MoneyTips Are you planning to retire within the next 10 to 15 years? If so, are you ready to take retirement preparedness to the next level? Retirement is no longer an abstract concept when you reach your 50s. It's important to take a closer look at your financial plans now, while you have time to make any corrections. Consider these five steps to ensure the retirement of your dreams – or at least avoid the retirement of your nightmares. 1. Outline Your Retirement Goals – What do you really want to do when you retire? Buy a retirement home on the beach? Travel abroad? Start an expensive hobby? It's time to figure out how to pay for those goals. Lay out your primary retirement goals and estimate the major expenses associated with them. Place those expenses on a timeline spread throughout your retirement. You now have an estimate of how your cash flow needs will change because of your retirement plans. 2. Rethink Your Expenses –</... from MoneyTips https://ift.tt/2

MoneyTips If you can get something either with or without a fee, why would you ever pay the fee? Unless you just enjoy throwing money away, you'd have to get something of value in return to justify the fees. A recent survey from Discover , a major issuer of no-fee credit cards, investigated fees and their effects on credit card usage. The survey showed that consumers with no-annual-fee credit cards were twice as likely to be satisfied with their card than consumers with annual-fee cards (70% to 35%) – suggesting that consumers aren't getting a sufficient return for the fees that they pay. Surveys typically show that between two-thirds and three-quarters of credit cards don't charge annual fees. According to the

MoneyTips Who doesn't love cash back rewards? We all enjoy the feeling of getting something back with our purchases, and credit card companies know this. They offer rewards programs as incentives – and a recent survey from CreditCards.com shows that cash back programs are the most attractive variety. Almost one-third (31%) of survey respondents chose 3% cash back on all purchases as their preferred option. That's nearly double the percentage that preferred a $500 sign-up bonus (17%) or an eighteen-month 0% intro APR on purchases (14%). Cash back was preferred almost three-to-one over a 21-month 0% intro APR period on balance transfers or a $1,200 sign-up bonus good for airfare and hotel usage. Check out our list of cash back credit card offers . However, rewards come at a price. Cr... from MoneyTips https://ift.tt/2KmVA4U

MoneyTips Who doesn't love cash back rewards? We all enjoy the feeling of getting something back with our purchases, and credit card companies know this. They offer rewards programs as incentives – and a recent survey from CreditCards.com shows that cash back programs are the most attractive variety. Almost one-third (31%) of survey respondents chose 3% cash back on all purchases as their preferred option. That's nearly double the percentage that preferred a $500 sign-up bonus (17%) or an eighteen-month 0% intro APR on purchases (14%). Cash back was preferred almost three-to-one over a 21-month 0% intro APR period on balance transfers or a $1,200 sign-up bonus good for airfare and hotel usage. Check out our list of cash back credit card offers . However, rewards come at a price. Cr... from MoneyTips https://ift.tt/2KmVA4U

MoneyTips Created in July 2010, the Consumer Financial Protection Bureau (CFPB) has been a welcome advocate for consumers wronged by businesses and financial institutions. In its short lifetime, the agency has fielded 1.5 million consumer complaints, publishing just fewer than 1.2 million of them in a convenient searchable form . The CFPB commands attention, as 97% of complaints sent to the CFPB get timely responses from the companies involved. The CFPB's Consumer Complaint Database logs in all consumer complaints sent to the CFPB, including the nature of the complaint and the products and companies involved. Since 2015, the CFPB shows the same businesses holding the top thre... from MoneyTips https://ift.tt/2GQ6TjP