The Dow has surged nearly 200 points today after the 3rd quarter GDP numbers were better than expected.

For big business, things seem to be on the up and up. Goldman Sachs (known as “Golden Sacks” in the investment circles) recently had an all-time record quarter in July. The company’s third quarter earnings would have even broke that record if it weren’t for the high executive compensation, which of course diminishes the net profits. All in all, it seems to be a pretty great year for corporate America, especially the finance sector.

Are You Better Off Than Before?
But how about you and me? Are we doing any better? Let’s see… unemployment keeps shooting up; it’s now just shy of 10% nationwide. Of course the true number of unemployed is actually higher that that, because it doesn’t count people who were self-employed (they don’t qualify for unemployment benefits) nor does it count those underemployed.

Let’s Say It How It Is…
The truth of the matter is that yes, the economy is improving, but it’s corporate America whom is benefiting the most. As for your average middle-class American, things aren’t getting better. And no, don’t even give me that “trickle down” theory of giving money to the top and big business so it trickles down to the little guy. We already tried that for eight years and look where it got us.

As far as credit cards go, being that the Fed hasn’t raised interest rates during this recession and the banks are getting the money at 0%, why are they insisting it’s necessary to raise our card’s interest rates lately by such drastic amounts? They’re being lent money for nothing by the fed, PLUS getting astronomically big bailouts… it just doesn’t make sense to me.

If you are considering applying for a Lowes credit card, you will definitely want to read this review first.

I actually prefer Lowe’s over Home Depot.  From my experience, the customer service is a bit better. At Home Depot, every time I go I have to travel  10 aisles down just to find an associate to help, only to tell me that’s not their department and for me to go back and wait… it’s a huge pain in the behind to shop there.

But just because I like this home improvement store, it doesn’t mean I like the Lowes credit card. Here’s what you need to know about this card before you fill out that application.

Rewards?
I don’t know about you, but this is the main reason I love credit cards so much. I love getting cash back on my spending. I’m by no means a big spender, but over time, if you use the right cards and pay for all your purchases with them, the rewards can really ad up big time!

Unfortunately, the Lowes card offers no rewards. No points, no cash back, nothing at all. To make matters worse, those projects around the house are definitely not cheap. Just remodeling a kitchen or bathroom can set you back several thousand and up. Especially if I’m spending that much, I better be getting something back. Even the most basic cash back credit cards would give me 1% on that, so why would I pay with a Lowes credit card that’s going to give me nothing?

Interest Rate?
Okay if this thing isn’t going to give rewards, it better be giving you a darn good interest rate. Well, this is letdown #2… at the time I’m writing this, they have a ridiculous 22.99% APR.  So 23% interest compounded?  No thank you!

Fine Print Warning: Now this is definitely sneaky and can slip by even the most savvy shoppers.  Because the card has no rewards and a crappy APR, they need a gimmick to get people to apply. And that gimmick is currently an offer for 0% interest and no payments for 6 months on new purchases of $299 or more. Sounds like a deal, right?

Upon closer inspection, you will discover that this only applies in certain circumstances: you need to pay off that balance entirely within 6 months. If it takes you even one day or week longer to pay off that entire amount, you will be charged interest retroactively starting at the date of purchase at a crazy 26.99%!

Possible Credit Score Damage?
So we’ve already established from this Lowes credit card review that there is really no good reason to apply. But did you know that applying may impact your credit? A so called “hard pull” is used to check your report, and when that’s done, it can reportedly drop your score by up to 10 to 20 points.

In addition, some people feel it reportedly looks bad having any store card listed on your file. The reason being is that typically they are opened on impulse, and the people that apply are more likely to be those with a bad history that would not qualify for a “normal” credit card. So whether that describes you or not, suddenly you may be viewed as such simply for having one. Or at least, that’s what many experts out there allege.

Is There a Better Option?
To be honest, just about any card is better than the Lowes card.  If you were interested in it because of a finance rate promotion, there are cash back credit cards which not only offer 0% for 6 months or more on purchases, but will also give you high cash back at the same time.

If you live in the Midwest, you know about Meijer grocery stores. Read this Meijer credit card review to find out if it actually is going to save you any money. Some even ask me if the Meijer card is a scam? Well it’s not, because they abide by all laws, so that’s not the issue. The problem is simply that their “rewards” program is very unrewarding…

First of all I’d like to point out I’m actually a huge fan of this company. I grew up in Michigan and that is where they were founded. Unlike Wal-Mart and others one-stop-shops, I like the fact that Meijers has remained a private company (the 19th largest in the country). However there was one negative thing I recently read about the company from the Human Rights Campaign. According to reports, out of the top 500 employers they rate, Meijer was only one of three companies to be scored a flat 0%. One reason was that they do not offer “even minimal benefits or workplace protection for gay employees.” So in summary, some types of discrimination and harassment against employees is allegedly permitted, as long as it is due to their orientation. But enough off-topic chit chat, let’s get back to that credit card….

The Credit Cards…
Their cards have now been around for years and from my experience they are usually heavily promoted at their stores. Almost always it seems like they are advertising some promotion to get you to sign up – either a small one-time credit or a few pennies off your gas purchases for two or three months.

There are currently two options…

Meijer Credit Card: This is their store-only card which is not associated with any major network (such as Visa or MasterCard) and it can only be used for purchases at their stores/gas stations. At the time of this review, the APR on this one starts at a whopping 26.99%! If you don’t have the best credit you will most likely receive this one instead of their regular card which I’ll talk about next…

Meijer MasterCard: This card operates on the MasterCard network so it can be used anywhere they are accepted. It’s a so called “Platinum” but this appears to be just a marketing gimmick because it doesn’t add any benefits which are special. The interest rate is extremely high on this too, starting at either 19.99% or 23.99% depending on your credit.

The Rewards…
Of course this is probably the main thing that sparked your interest in the first place, but once you run the numbers, you will be surprised to see just how un-rewarding these cards actually is…

5 Cents/Gallon Rebate: At first glance, this may sound like a good deal. But remember that is 5 cents, not 5 percent. At $3.00/gallon, that equals out to be only around 1.6% cash back and keep in mind that’s only at Meijer gas stations. Not too impressive, is it?

Points on Purchases: Now this, in my opinion, is quite misleading. They advertise you will get 1 point for every dollar spent – whether it be at Meijers or somewhere else. No most of us usually assume 1 point equals out to be 1% in rewards, right? That’s not the case here. For every 2,000 points, you get a certificate for $10 in “Meijer Bucks.” Do the math and you will see this card only gives you one-half a percent back. Being that almost every credit card on the market today gives 1% cash back (double what they give) this is an awful deal.

A Better Choice…
There are much better reward cards out there. My favorite is by far the Discover More card. To be completely transparent with you, I want to point out that although this site has a financial affiliate relationship with Discover, we also do with most other financial institutions too. The reason I endorse this particular card over others is because I believe it offers the best value: a full 5% cash back bonus in rotating categories like grocery stores, gas stations, restaurants, and more. Not only does it give literally up to 10x the cash back that the Meijer credit card offers, but you can also use it everywhere… including Meijer! To find out more about how to get this card for free check out my Discover More review.

The Sony credit card has been around a few years now and it is heavily marketing to gamers and gadget lovers. I recently received an email from a reader asking if it’s worth getting or just a scam. So let’s take a further look…

The Cons…

Like almost everything in life, there will undoubtedly be those who are not satisfied. The question is, are the complaints about Sony Card legitimate?

Upon doing further research it seems that people were either completely delighted by the credit card, or completely unsatisfied.  Most of these negative reviews were about the shipping time it takes to order products with their points from Sony Rewards.  Reportedly it would sometimes take up to weeks to receive the merchandise, but it sounds like this was due to a popular item being backordered.
So if cardmembers are using the points from their Sony credit card to order the newest electronics, televisions, etc, I don’t feel you can blame Sony if they are backordered.  Because anytime a new Playstation or other hot item comes out that seems to be the case for everybody, not just those with the Sony card.

The Pros…

The Basics
The Sony credit card is a Platinum Visa which is issued by Chase. Unfortunately if you have bad credit you probably won’t qualify.

No Annual Fee
Fortunately, there is no annual fee. This is an absolute must with a rewards card. Because the whole concept of paying a fee to earn rewards rarely makes sense.

Interest Rate
Like any card, of course these are constantly changing, so I don’t want to say conclusively the APR is good, but for now at least it seems fair. At the time of this post, it is either 10.24%, 14.24%, or 18.24% and which one you get depends on your credit record.

It’s not a spectacular rate, but it’s not horrible either. However it is important to point out this is a variable rate which is tied to the prime rate… and that will undoubtedly go up in the future as the economy keeps improving. So if you plan on carrying a balance, I would advise against using the Sony Card for that purpose because the interest will far outweigh the reward points you will earn.

Promotions
At the time I’m writing this they are not offering any promos when you apply for Sony credit card. However they are known to offer lucrative incentives occasionally in the form of a credit of $50 to $150 on your first purchase at Sony Style with a new card. But they are also known to give valuable incentives to existing cardmembers too in order to encourage you to spend.

Rewards
Let’s face it… the only reason most of us ever sign up for a new charge card is to get one with better rewards, and why shouldn’t we? It’s out money so we might as well earn as much cash back and points as possible when we spend it.

If you are a regular spender on their stuff, the Sony Rewards structure could really benefit you…

5 points per dollar for purchases at Sony Style stores or from their website
3 points per dollar for Sony purchases from Sony authorized retailer
1 point per dollar for everyday purchases

Conclusion
The Sony Card is not a scam. If you buy a lot of electronics and games, then Sony credit card is definitely worth considering. That being said, it’s always important to consider all your options before you choose a card. Sometimes, there are others which may earn you more depending on which categories they offer the highest cash back on.

We all know there is the Gold, Platinum, Black. and Plum Card, but is there an American Express purple card that you didn’t know about? The answer may surprise you.

Believe it or not, it’s real! There is such thing as the “purple” card. But you need to hop in a time machine and go back around 50 years to see them in use.

When Amex began issuing charge cards starting in 1958, they were actually paper, not plastic. It wasn’t until the following year that they began using plastic for their cards.

By the early sixties all credit cards (Diners Club and American Express) in circulation and use were transitioned to plastic. In ’66, both Visa’s and MasterCard’s predecessors made their debut as the BankAmericard and MasterChard, respectively.

Who thinks they should come out with a new, revamped American Express Purple card for modern times?

Rep. Betsy Markey of Colorado proposes that reform take effect sooner.

There’s no doubt the recent Credit Card Accountability, Responsibility and Disclosure Act of 2009 which was passed this year is beneficial for the long run. But unfortunately for now, it is actually hurting consumers.

The Problem
Banks left and right have been scrambling recently to jack up interest rates while they’re still permitted to do so. Almost all of us have been a victim of this in one way or another. I have cards with several different financial institutions and all but one have had their APRs shoot up since the reform was passed. I currently have no balances, but I can only imagine how devastating this would be if I did.

The Solution
Recently Representative Betsy Markey (D-Colorado) along with lawmakers made requests to the banks to voluntarily stop their rate hikes for now. Why? Well due to this rampant practice of out of the blue rate jacking, lawmakers are deciding whether they should change the date the reform goes into effect. Right now creditors have until February 22nd, 2010 – at that time, it won’t be so easy for them to raise a customers rate.

Will this be a solution? In my opinion, it could make matters worse. If congress is successful in changing the compliance date to December 1st, that would mean all of the banks would scramble to raise rates over the next few weeks (while they’re still permitted to do so). Hopefully, I’m completely wrong about this and they don’t do that if this change takes place.

Discover Sets An Example
Discover Financial has stepped up to the plate and voluntarily decided to freeze rates until the reform takes effect, whether that be in December or in February. So if you have a Discover credit card, you’re safe. Now, if only everyone else would follow their lead!

As you may have heard, last month a California woman named Ann Minch decided to take a stand against the rising interest rates on her Bank of America credit card. According to her, she had been their customer for 14 years. Recently, they decided to jack her rate from 12.99% to 30%.

She called B of A to try and get it lowered, but in a nutshell they told her “tough s***” (her words used to summarize it). Sick and tired of their “casino scams” she proclaimed a “debtor’s revolt” and that she would no longer make payments on the $5k balance as long as they charge her a 30% APR.

But the question is… did it work?

Well, after hundreds of thousands of views, it finally got the attention of B of A. An executive from the bank contacted her and tried to get he to go with 16.99% (still higher than her previous rate). She responded with a good argument: their money is coming from the Fed right now at a 0% rate so the 12.99% she was paying is more than fair. The bank executive finally caved in and agreed to give it back to her.

I’m happy to hear the outcome, but it’s kind of ridiculous that it took a YouTube video with a quarter-million views just to get them to budge. A customers shouldn’t have to go through such drastic measures just to get a fair interest rate.

This was the opening weekend for Michael Moore’s latest movie; Capitalism, A Love Story. Now whether you hate or love the guy, I want you to take that out of the equation for a moment. That’s not what this review is about.

So in a nutshell, this is a documentary about capitalism, both past and present, but more so about what it has recently evolved into the past few decades. Are there things in the film I don’t necessarily agree with? Absolutely. But since when do you always agree with everything someone says? Never.

So even if you’re not a fan of his politics, I recommend you see this movie for the historical information (and yes, there’s even some info about credit cards, too). I judge a documentary on whether or not it gets the gears in your head cranking, and this one definitely does. I especially liked the comical contrasts he made between the teachings of today’s business leaders and the teachings of Jesus.

There’s some really fascinating information and archival footage, at least some of things I guarantee you have never seen before…

The first one being the never-before-seen footage of a President Franklin D. Roosevelt addressing the nation to create a second Bill of Rights. They discovered this on an unmarked film reel found at a university’s archive. In the President’s address, he proposes:

The right to a useful and remunerative job in the industries or shops or farms or mines of the nation;

The right to earn enough to provide adequate food and clothing and recreation;

The right of every farmer to raise and sell his products at a return which will give him and his family a decent living;

The right of every businessman, large and small, to trade in an atmosphere of freedom from unfair competition and domination by monopolies at home or abroad;

The right of every family to a decent home;

The right to adequate medical care and the opportunity to achieve and enjoy good health;

The right to adequate protection from the economic fears of old age, sickness, accident, and unemployment;

The right to a good education.

All of these rights spell security. And after this war is won we must be prepared to move forward, in the implementation of these rights, to new goals of human happiness and well-being.

America’s own rightful place in the world depends in large part upon how fully these and similar rights have been carried into practice for our citizens.

(transcript source: Wikipedia)

That was over 65 years ago. Would you say we are now closer to these goals, or further?