This week’s stories highlight the changing perceptions and needs of consumers and small businesses alike. We have a list of the nation’s top consumer complaints, and as you might have guessed credit is high on the list. There’s also a jaw-dropping bank vs. consumer credit nightmare story. As always, if you enjoy any of our favorite bloggers, we encourage you to follow them on Twitter for regular updates. And don’t forget to follow Credit.com at @CreditExperts.
Bank of America Opens, Closes Credit Card Customer Never Applied For
Can you imagine finding out that your bank opened and closed a card in your name without your permission only to find out about it years later without notification from the bank? Well, it happened to one woman who already had a fear of credit and then had that fear confirmed. This is a cautionary tale and a good reminder for all of us that we need to check our credit reports regularly — whether we’re financially active or not. @consumerist
Top 10 Consumer Complaints
The used car salesman has long been associated with deceptive sales so its no surprise consumers filed the most complaints against auto related issues. It’s possible that “Credit/Debt” in the number two spot could soon take over the number one spot. Until recently, many didn’t know exactly how they were being taken advantage of in the financial product world. With more transparency in credit and debt there may be less of a distinction between the guy in the bad suit and fake Rolex that swindled you on the lot and the faceless person in the nice suit and real Rolex who swindled you from a high-rise office building. @CNNMoney
When to Use & How to Choose a Balance Transfer Credit Card
The stigma around having debt has all but disappeared with so many American’s carrying balances over the past few years. So now that we can all admit it, lets be smart about it! Balance transfer cards can save you a heap in interest rates, if you do your homework and show restraint. @Foxbusiness
Pay Online by “Swiping” Your Credit Card via Your Webcam
Using your credit card by way of webcam may be the next wave in convenient payment, but is it safe? The company promoting says that it is because there is no card number capture, just a short video stream that’s able to read it. It seems likely that like all other new payment forms, hackers will be hot on the trail of your webcams in the near future. @IndyTech
Tight Times Boost Business Credit Cards
Like many consumers, the vast majority of small business owners are turning to credit cards to pay the bills. Unlike consumers, there are much higher risks involved with using business credit cards because they’re exempt from the restrictions of the CARD Act. Check out this article to see the ebbs and flows of business card use and check out the infographic they’ve included. @WSJ
Image by ibevymay, via Flickr
Tim Langevin Credit.com team member and personal finance contributor, Tim studied journalism at Columbia College, Chicago and graduated with a degree in Integrated Marketing Communications. Tim shares his unique insight on finding the best bargains and tips to help consumers stay on budget and in control. Have a question for our experts? Email them at CreditExperts@Credit.com.
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