The green movement is here to stay… and for good reason! The new Discover Biodegradable credit card (nicknamed the Discover Bio card) combines two things you would never expect together – the green movement and plastics. Who would have ever thought something a plastic charge card could ever be considered environmentally-friendly?! But it’s not just the high-tech material that’s special, but also the rewards.

Please note this site happens to have a financial relationship (advertising) with Discover and most credit card companies for that matter.

After it has been in “landfill” type conditions for 5 years, this special biodegradable Discover card will actually disintegrate 99%. There is absolutely no toxic residue or byproduct left behind when this occurs. Who would have thought plastic could be so eco-friendly? Applicants can choose from six different designs, each bearing the green symbol which let’s others know you are an eco-conscience consumer when they see the card. It’s a great “silent” way to make a strong statement about your support for the environment.

Discover biodegradable credit card

That’s great and all, but let’s face it… this involves your money. It needs to be more than just biodegradable with a cool design. That, in itself, is probably not a good enough reason to get a card!

Fortunately, the rewards on the Bio Card are the best on the market! It offers 5% Cashback Bonus on popular category changes that change every quarter. Categories like gas, groceries, restaurants, home improvement stores, department stores, travel and more. At any given quarter, the card usually offers the 5% on at least 3 of these categories (they notify you before the quarter begins to let you know the categories). You also get up to 1% cash back on all other purchases. The card has no annual fee and they usually have a 0% balance transfer offer promo going on for it. So you’re not only helping the Earth, but also your wallet, and let’s face it… all of our wallets could use some help in times like these!

Want to apply or just learn more? Check it out here!

After years of credit card reform failing in congress and the senate, the Federal Reserve finally passed their own set of regulations last December. However, they weren’t set to take effect until July 2010.

Late last week, President Obama signed a similar credit card reform bill that won’t go into effect immediately, but it does bump relief a bit sooner… February 2010.  Democratic senators Chris Dodd and Carolyn Maloney, among others, sponsored the bill.

Notable changes the bill will bring include banning the practice of “out-of-the-blue” rate hikes, unless the cardholder is more than 60 days late on payment.  It also makes it more difficult for adults under the age of 21 to acquire a credit card, which will of course of a huge impact on future credit marketing on college campuses.

The banks have long cried that reform such as this will bring higher interest rates across the board for all customers. They claim that the revenue from bad credit credit card holders is what pays for the low interest rates and 0% balance transfer offers that those with excellent credit benefit from. Do you think this is true? What do you think the industry will look like a year from now after these reforms go into effect?

A question many cardholders are asking is “Why is Advanta freezing my credit card account from new charges and transactions?” Well, don’t take it personally, it’s not just you. On June 10th, 2009, Advanta will be freezing its entire credit card portfolio… preventing new charges, balance transfers, cash advances, or any other transaction on all of its cardmembers’ accounts.

Why? Simply put, too many customers are defaulting on their bills. Advanta only issues small business credit cards, and as we know, many of these businesses have been hit especially hard by the economic downturn.

It is unclear as to what Advanta plans next. They were offered TARP funds months ago, but refused. Many feel this was an irresponsible decision, being that even then, their stock was trading for pennies and they were sustaining out of control losses.

The rewards card was one of the most popular credit cards issued by Advanta

Cardmembers that carry a balance or are dependent on using their cards are now left in the dark. They have just a few weeks to find a replacement card. Unfortunately, small business credit cards have dried up and it is extremely difficult to get one now, and if you do qualify, the credit limits are a fraction of what they normally would be. In turn, many small business owners are having to open personal credit cards as their replacements. For those that pay their balances in full each month, the best charge cards may be a good option to consider. For those that carry balances, unfortunately all of the best 0% balance transfer offers have been watered down significantly. I suppose the best solution would be to take what you can get and hopefully in a few months, you will be able to change it over to a better balance transfer offer.

Although Credit Card Forum is based in the United States, we receive visitors from across the globe seeking help and advice. One of the regions we receive a large number of visitors from is the United Kingdom. While the USA is still the charge card capital of the world (after all, we did invent them!), on the other side of the pond they are also a big hit.  On our message boards, we are frequently asked by these visitors questions such as “What are the best UK credit cards?”

Well for starters… different financial institutions offer different cards country by country… so it’s not like comparing apples to apples when looking for that perfect card. While Bank of America, Citi, American Express, and Chase are some of the most popular card issuers in the US, over in the UK you will notice the major players are different: Barclaycard, Halifax, MBNA, Virgin Money, and Bank of Scotland are a few of the big names there.  However one of the few brands you will find that is popular in both areas is Capital One.

But brands aren’t the only difference. The laws, regulations, and financial operations are different between the countries. Because spenders in the United Kingdom are less likely to carry a balance, cards there have a typical APR that is higher. However, that’s not to say there aren’t deals… If you compare UK credit cards thoroughly, you will find that the Barclaycard Goldfish card currently offers an excellent interest rate for purchases – 9.9% as of May 10th.  But if you are looking for the longest 0% balance transfer offer, right now the Virgin Money card is the best deal – 0% APR for 16 months.

May 1, 2010: The Visa Black Card is the latest entrant in the prestigious credit card market category and has created a lot of buzz in the industry. Is it just another luxury card with prohibitively high annual fees? Or do the benefits of the new Visa Black Card justify its expense? Read this review to find out whether or not you should get a Visa Black Card of your own!

First, let’s debunk some of the hype surrounding this card:

Black card?
This should not be confused with the AmEx Centurion “black” card. That one requires $7,500 in fees just for the first year ($5,000 initiation fee and $2,500 annual fee) and is invite only for AmEx’s biggest spenders (you have to spend several hundred thousand annually on another AmEx card in order to be invited).

In a nutshell, Visa Black Card is just Barclay’s trademarked name for the card… reportedly there is no such thing as a “black card” tier for Visa cards. In fact, the Visa Black Card is reportedly only the “Platinum Plus” tier (however I have personally not confirmed this, so it may or may not be true). That is usually the tier people get when they aren’t approved for a Visa Signature Card, so it’s far from prestigious.

Limited to 1% of U.S. residents?
Many people out there assume this means the Visa Black credit card is only for the wealthiest 1% of the population…. nothing could be further from the truth. It merely means they are limiting the total enrollment to 1% of Americans. Truth be told, 1% equals around 3 million Americans… that’s a lot of people. In all honesty, probably not more than 1% would ever want the Visa Black Card, so saying this really doesn’t mean much. Probably far less than 1% of Americans have the AmEx Platinum Card, but you don’t hear American Express saying that as a marketing gimmick, do you?

Exclusivity?
It’s marketed as something that is highly exclusive, but what are the Visa Black card requirements? According to numerous sources across the net, it sounds like they are not much different than most credit cards (for example, be a U.S. resident, have a qualifying credit score, etc). If indeed this card doesn’t have any extra special requirements (like the AmEx Centurion does) then it appears that a large number of Americans would easily qualify if they truly wanted the card. In fact, there are stories out there of people from just about every walk and life reportedly getting a Visa Black Card application in the mail, including rumors of an old lady on Social Security, college students with little to no income, etc.

Carbon black card?
One of their selling points is that the Visa Black credit card is made of carbon. However after finally examining the card in person, it looks and feels similar to plastic. I don’t think that many people would consider the carbon material much different than normal plastic. In fact, my guess would be that some people wouldn’t even think anything of it.

First-Class Airport Lounge Access?
The Visa Black includes Travel Lounge Priority Pass, the largest airport VIP lounge program, which gives complimentary access to more than 500 luxury airport lounges across the world. However if you read the fine print, cardmembers only get 4 free visits per year! Compare that to the AmEx Platinum which gives you unlimited visits and at a lower annual fee!

Luxury Gifts?
The card touts various “luxury gifts” as perks that Visa Black Card members get. When the card first launched, it sounds like there were some decent gifts that some members got. However as of lately, it sounds like a frequently awarded first gift is a Cross pen set… most of us couldn’t care less about a pen and for $495 annual fee, we expect a heck of a lot more.

What the Visa Black card really is…
Just do the math: 3,000,000 (1% of Americans) x $495.00 annual fee = $1.48 billion dollars every year! The issuing bank, Barclays, is the real winner with this one. It’s hard to justify the annual fee when you consider the competition.

Skip the Visa Black Card application and go for…
…the AmEx Platinum. The annual fee is slightly cheaper and the benefits are far better than the Visa Black Card. As a sponsored affiliate of American Express, we also have a special signup offer for our readers. Check out the American Express Platinum Card benefits to see for yourself why it blows Visa Black Card out of the water!

Credit card fraud protection is an important aspect of credit card usage. We use our cards for shopping, traveling, gifting and a host of other purposes. But, as a credit card user, it is important that you are aware of the rules that govern protection as well as the proper steps to take in the event of fraud.

Online Credit Card Fraud Protection: The Internet is the most common space for credit card fraud. You need to be very careful about how you use your credit card online. Here are some tip:

• Ensure that a site is secure before you enter into any transaction
• Never provide your credit card information to anybody over email
• Beware of phishing sites that request your credit card information. These sites pretend to be official sites requesting updated information.

Credit Card Fraud Protection Offline: There are many methods to protect yourself in the real world. They are encompassed in these 12 sensible tips:

1. Never lend your credit card to anybody
2. Never give your card information over the phone unless you have placed a call to a company you know to be reputed.
3. Sign the back of your card as soon as possible after their receipt.
4. Never write your PIN number on the back of your card.
5. Always keep your credit cards in a safe place when you are not carrying it on your person.
6. Don’t carry all your cards on your person. Choose one primary card and one backup card and only carry these two cards with you.
7. Shred all your correspondence with regard to your credit card as soon as it is possible to do.
8. Shred all your credit card receipts after you have made the payment for them. If you think you need to keep them for computation purposes, store them in a safely locked place.
9. Never sign a blank piece of credit card slip.
10. Never photocopy the front and back of your card. If a photocopy of your credit card is required, only provide a copy of the front of your credit card.
11. Don’t write your credit card details on anything that can be publicly accessible.
12. If you are storing any credit cards in your home, put them in a hidden place rather than somewhere obvious like your desk or dresser.

In Case of Fraud: If you haven’t been able to prevent credit card fraud and you find that your credit card has been stolen or lost, report it to your credit card company immediately. Even if you have the slightest suspicion or doubt that your card may be used fraudulently, get in touch with your credit card company and request immediate assistance. Most credit card companies have a 24 hour hotline available to report lost or stolen cards. Also, you need to remember that once you have reported loss, theft or possible fraud on your credit card, you are not liable to pay for any unauthorized charges on your card. At most, you may be required to pay $50 per lost credit card, but this is also usually waived by almost all credit card companies.

Warning: You may get a Bank of America credit limit decrease for absolutely no valid reason. Today I received this letter in the mail from B of A, chopping my credit limit from over $16,000 to $8,500 on my Financial Rewards Visa Platinum card:

Dear [NAME REMOVED]

Thank you for being a valued customer. We appreciate the opportunity to serve you.

We periodically review out customers’ accounts to ensure we are offering each cardholder the most appropriate credit line. In some cases, we discover we have extended customers more credit than they are likely to use or need. Given the size of your credit line and the way you have historically used your account, we have adjusted the credit line on your card to $8,500.

It’s a good idea to review your credit reports periodically. Our decision was based in part on information provided by the following credit reporting agency. You may obtain a copy of your credit report by contacting TransUnion, Consumer Relations – East P.O. Box 1000, 2 Baldwin Place, Chester, PA 19022, or you may call them at 1.800.888.4213.

If you have any questions or need assistance with your account, please call 1.800.726.5628, Monday through Friday from 8 a.m. to 5 p.m. Eastern. You may also manage your account online at www.bankofamerica.com

Again, thank you for allowing us to serve you. We look forward to continuing to meet your credit needs.

Sincerely,

Card Services

This account has been used regularly, but never carries a balance. Apparently they will only allow you to keep your high credit limit if you carry a balance (and pay them boatloads of interest).

It looks like B of A’s billions in bailout money is really loosening up the credit markets! [yeah, right]