Credit and Debit Card Ratings

Debit Cards: A Growing Threat to the Banking Industry

With ease of use and widespread availability, debit cards are becoming a growing threat to the banking industry.  Last year, prepaid debit card usage was up 18% while checking account usage plummeted from 92% to 88%.  While users avoid overdraft fees, debit cards are not cheaper than checking accounts.

Incidentally, scores of users walked away from banks and the fees associated with them, lured by big named celebrity endorsers only to wind up paying even more money.  John Ulzheimer, President of Consumer Education at SmartCredit.com, warns against being tricked into thinking there aren’t any free alternatives.  “Debit card users are lazy,” says Ulzheimer.  “Free checking isn’t gone.  With just a cursory amount of shopping around, you can find a debit card that’s not only free, but will also give you an unsecured line of credit.”

Gerri Willis of Fox Business Network’s The Willis Report fears,  “People are being robbed blind simply because they like the branding and ease of use that comes with the debit card.”  Over $82 billion was uploaded onto debit cards last year alone.  “Debit cards don’t help your credit score, there are no savings involved, and the users don’t have the opportunity to establish a relationship with a bank,” she says.  “You need access to what the banks have to offer to purchase homes, do business, and even education for your children,” said Ulzheimer.

Today, many neighborhood stores and markets offer free “cash back with purchase” options at checkout, helping alleviate some of the hits most users take to their wallets, but in the long run, a little research can go a long way.  For more research on the best options for you, visit our in-depth reviews here on bestprepaiddebitcards.com.

For more information from The Willis Report, visit:  http://video.foxbusiness.com/v/997395602001/millions-turning-to-prepaid-debit-cards?intcmp=related

or visit :  http://video.foxbusiness.com/v/1559371429001/are-prepaid-debit-cards-mistake?intcmp=related

For more from this author visit:  Tameka Riley’s Author Page

Author: Tameka Riley

  • Debit Cards: A Growing Threat to the Banking Industry

    Debit Cards: A Growing Threat to the Banking Industry

    With ease of use and widespread availability, debit cards are becoming a growing threat to the banking industry.  Last year, prepaid debit card usage was up 18% while checking account usage plummeted from 92% to 88%.  While users avoid overdraft fees, debit cards are not cheaper than checking accounts.

    Incidentally, scores of users walked away from banks and the fees associated with them, lured by big named celebrity endorsers only to wind up paying even more money.  John Ulzheimer, President of Consumer Education at SmartCredit.com, warns against being tricked into thinking there aren’t any free alternatives.  “Debit card users are lazy,” says Ulzheimer.  “Free checking isn’t gone.  With just a cursory amount of shopping around, you can find a debit card that’s not only free, but will also give you an unsecured line of credit.”

    Gerri Willis of Fox Business Network’s The Willis Report fears,  “People are being robbed blind simply because they like the branding and ease of use that comes with the debit card.”  Over $82 billion was uploaded onto debit cards last year alone.  “Debit cards don’t help your credit score, there are no savings involved, and the users don’t have the opportunity to establish a relationship with a bank,” she says.  “You need access to what the banks have to offer to purchase homes, do business, and even education for your children,” said Ulzheimer.

    Today, many neighborhood stores and markets offer free “cash back with purchase” options at checkout, helping alleviate some of the hits most users take to their wallets, but in the long run, a little research can go a long way.  For more research on the best options for you, visit our in-depth reviews here on bestprepaiddebitcards.com.

    For more information from The Willis Report, visit:  http://video.foxbusiness.com/v/997395602001/millions-turning-to-prepaid-debit-cards?intcmp=related

    or visit :  http://video.foxbusiness.com/v/1559371429001/are-prepaid-debit-cards-mistake?intcmp=related

    For more from this author visit:  Tameka Riley’s Author Page

  • Experian Reporting Rental Payments on Credit Reports

    Experian Reporting Rental Payments on Credit Reports

    In times past, the only time rental history would show up on a credit report was when a property management company would turn it over for collections.  But in December 2010, that all changed when Experian became the first credit bureau reporting rental payments on consumer credit reports.  Not only is this is great news for the millions of displaced homeowners looking to get back into the housing market, but it also gives consumers the ability to benefit from meeting their monthly obligations on time, instead of penalizing the ones that don’t.  This opens up a world of possibilities for millions of consumers seeking to improve their credit rating.

    It turns out, renters aren’t throwing their money away after all.  Making up a large percentage of the population, renters will now have access to the credit products they deserve by meeting their monthly obligations, not just the ones they take out loans for.  The change will have a positive affect for millions of renters including immigrants, students and displaced homeowners.

    Experian collects data electronically from a property management network, rewarding responsible renters and reducing the risks of skips, bad checks, evictions and property damage for landlords and property managers nationwide.

    It is unknown if TransUnion or Equifax will follow suit and begin offering rental payments on their reports, but a recent on eHow.com suggests having rental payments added to all three credit reports is as simple asking your landlord or property management company to report them.

    For more information on Rent Bureau by Experian, visit http://www.experian.com/rentbureau/rental-payment.html.

    For more from this author visit:  Tameka Riley’s Author Page

Credit and Debit Card Ratings