Save money, stop fraud: 4 things to watch on your credit card statement

Published: Monday, October 16, 2017 @ 3:06 PM

Here are the most crucial things to watch for on your credit card statement Review your statement every month to catch these errors early and correct them Set up reminders or even automatic bill pay to avoid late payments Read your credit card statement carefully to get interest rate specifics and start addressing them To set a personal deadline for paying off a credit card, find a reliable credit card repayment calculator

With credit cards, what you don't know can cost you. 

Luckily, most of what you need to know is right at your fingertips − your credit card statement. Review it with a critical eye, and you'll save money, correct errors and even stop fraud. 

RELATED: 5 things to know about your FICO score

Here are the five most crucial things to watch for on your credit card statement:

Your transactions: Credit card companies do make errors. Review your statement every month to catch these errors early and correct them, advises Credit.org, a nonprofit financial education group. Each monthly printed statement should include a detailed list of activity from that billing cycle. If you get online statements, you can usually see transactions before and after the bill's closing date, too.

Credit.org also recommended keeping credit card paper or email receipts to compare to your monthly credit card bills. If you see something that's not correct, act immediately to protest. You are only protected when you report a discrepancy within 60 days of getting your credit card statement.

And don't just go after the big, noticeable fraudulent charges, the Credit.com blog warned: "It's actually the small ones that are the most likely to creep into your statements unnoticed. Thankfully, federal law says that cardholders are never responsible for more than the first $50 of any fraudulent charge, and nearly all card issuers waive this requirement by offering zero liability policies."

A company that studies the industry reports that store charge card generally have higher interest rates than other cards. Charges for some go up to 30 percent.

Late payment warning disclosure: Don't skip this. Credit card issuers are required to post a late payment warning disclosure explaining precisely what will happen if your payment is late, according to the Balance. First you should understand that late means after 5 p.m. on the payment due date. The disclosure should also include the amount of any late fee and possible penalty APR if you don't make the minimum payment by the due date. According to the Balance, late payments are limited to the lesser of your minimum payment or $25, or a maximum of $35 if you've already been late on a payment within the past six months. 

However, the late payment disclosure doesn't tell you about the effect of late pays on your credit report. It's up to you to know that once a payment is 30 days past due, the past due account status may be reported to a credit bureau. Once you bring your account current again, your bills and online account will show that you're caught up, but your credit report will retain the late payment record for seven years.

Credit card issuers are required, by law, to send your monthly credit card statement at least 21 days before your minimum payment is due. Of course, if you opt to save paper and postage and receive only online bills, you are responsible to make sure you log onto your bill and pay. According to Credit.com, one way to improve your odds of paying either type of credit card bill on time is to set up reminders or even automatic bill pay.

Any notices of changes to your interest rate: Read your credit card statement carefully to get interest rate specifics and start addressing them, according to MyCreditUnion.gov. When you trigger the penalty rate with a late payment or going over your credit rate, the company may notify you that your rates will increase. You must be informed at least 45 days ahead of the rate change activating, which is another reason to make sure you check your online statements reguarly -- monthly at the very least.

If you catch this increase notice quickly and it's due to a single late payment, Credit.com suggested trying to contact your card issuer to request a one-time waiver of the late fees and penalty interest rates. And since the credit card company isn't permitted to impose the penalty rate unless you've been 60 days delinquent on your payment, according to the Balance, make sure to verify that you've been that late and protest if your records show you haven't.

To see a sample notice of interest rate change, check out the interactive credit card statement at the non-profit's website. to familiarize yourself with the terms commonly included on a real statement.

The minimum payment warning: Minimum payment copy is now required by law. The disclosure is listed within your statement, detailing the sometimes horrifying amount of time it will take you to pay your balance, including interest charges, if you stick to making only the minimum payment. Make sure to read this every month, the Balance advised. This may encourage you to up your payment to avoid paying maximum interest. If you are trying to pay off more than one credit card, comparing minimum payment warnings will also let you know which card to focus on first.

To set a personal deadline for paying off a credit card, find a reliable credit card repayment calculator like the one offered at Credit.com.

Top tips for selling your old stuff on eBay (and actually making cash)

Published: Friday, January 19, 2018 @ 2:52 PM

Here are some tips from experts Only sell valuable stuff Understand the fees Avoid the scams Optimize your title Take great photos Don't try to profit from shipping charges

Too much clutter, too little money, too many gifts you didn't like... an eBay auction is one of the simplest solutions to all three issues.

If your trash might be someone else's treasure, an eBay business is simple to start and accessible to just about anyone. "It has low start-up costs and it can be started out of your home," noted the New Life Auctions blog, written by sellers who have been active since 2000. "You can work at your own pace and on your own time."

»RELATED: 5 side hustles you can do from the comfort of your home

Within that flexible framework, though, are certain strategies for making far more money and clearing out a lot more junk as an eBay seller.

 

»Here are 10 tips from NLA and other experts: 

Only sell valuable stuff

Yes, you're trying to profit by selling stuff you don't want, but you want to make sure there are some potential buyers who will disagree with you. Start by perusing eBay's own list of what's selling well.

Understand the fees

While it's easy to enter the world of eBay sellers, sales involve fees and you'd do well to balance them against earnings, according to NLA, which offers an eBay fee calculator that allows you to compare which listing formats and categories have the lowest fees, and how much each listing upgrade will deduct from your bottom line.

Avoid the scams

You might be surprised to learn that plenty of the scams that surround eBay sales affect sellers. "Many of the scams take advantage of sellers not knowing all the rules for safe trading on eBay," NLA said. "It is very important for a seller to completely understand PayPal's seller protection program." One scam involves a buyer using PayPal, waiting for the item to be delivered and then opening a dispute with PayPal if you didn't check "delivery confirmation."

If you don't use PayPal's "signature confirmation" option to sell higher-priced goods on eBay, a scammer might open a dispute with PayPal claiming the item wasn't received. "Unable to show proof of delivery, PayPal takes the funds out of the seller's account and returns it to the scammer," NLA noted. The blog outlines other potential scams and ways to avoid them, including credit card chargeback, fake money order and "you have been chosen to sell our products" scams.

Optimize your title

Your title, not the item description, drives search results. Include critical keywords, using a search of keywords for similar completed listings to guide you. Try to include the same keywords as the listings that sold for the highest price. Avoid words like "look" or "incredible" in your title, advised NLA, since no one uses those words to search. If you have a few words leftover in your title, consider adding a common misspelling of the primary keyword to catch the eye both of bad spellers and bargain hunters who search using commonly misspelled listings

Emma Drew, who blogs about money on EmmaDrew.info, said you should include terms you would use when searching for something on eBay. (Be sure to check out her "10 weird things that actually sold on eBay" post each month.)

Spell it right

Most people can't find listings with the primary keyword spelled wrong. That means fewer bidders. 

Take great photos

A picture may not be worth the proverbial thousand words on eBay, but it's pretty close. eBay itself recommends these tactics in its section on taking great pictures:

  • Use a plain, uncluttered backdrop to draw attention to your item.
  • Turn off the flash, instead using diffused lighting to prevent shadows and reflections.
  • Use a tripod to prevent softness and blur.
  • Fill the frame with the item.
  • Capture all angles, details and blemishes.
  • Show the scale.
  • Don't use props.
  • For fashion items, use a model, dress form or mannequin so buyers can see fit.
  • Shoot shoes from different angles so buyers can see the front, top, sides and bottom.

List on Thursday nights

It is common knowledge that eBay auctions ending on Sunday evening are the most profitable and popular, noted Drew, and listing for 10 days on a Thursday gives you two Sunday nights. 

Allow international buyers

"Every bid counts, even if it comes from the other side of the world," according to NLA. "Odds are they won't win the auction, so why not let them bid?" If an international buyer does win your auction, you are able to charge a separate handling fee to compensate for your time filling out the customs form. You'll also want to make it a policy to insure all international packages.

Don't try to profit from shipping charges

If your shipping rates are unreasonable, most buyers will be on to you in a flash, according to NLA. "People know that they are being ripped off and they will leave your auction and not return. Charge a reasonable handling fee." 

Resist the urge to end an auction early

If someone e-mails you with an offer that requires you to end your auction early, don't take it, NLA urged. Even the best early offers are usually just a fraction of what your item is really worth.

Related

6 common first-time homebuyer mistakes that could cost you big time

Published: Friday, December 29, 2017 @ 9:42 AM

Be sure to avoid these 6 common mistakes that first-time home buyers often make Not getting a professional inspection Not putting a pause button on purchases Not keeping up with correspondence Not understanding the hidden costs of buying a home Not working with a buyer's agent Not looking into loan assistance programs

Buying a home can be a daunting task − whether it is your first or fifth time heading to the closing table. 

For most of us, it will be the largest investment of our lives. However, there are factors predicted for the upcoming year that will make purchasing a home even more stressful. 

»RELATED: House hunters, here are 5 secrets to getting the best home loan

According to Redfin's 2018 projections, inventory will remain low, especially for smaller starter-homes. Additionally, thirty-year mortgage rates are expected to rise between 4.3 and 4.5 percent. Changes to the capital gains tax may also persuade many current homeowners not to sell, putting even more strain on the inventory list. However, there are still deals to be found and your dream home may very well still be out there waiting on you. 

When you find it, be sure to avoid these 6 common mistakes that first-time homebuyers often make:

Not getting a professional inspection

The idea of paying for a home inspection for a property that you might not even buy seems like a silly concept to some, but it can save you tens of thousands of dollars in the long run. The median cost of a home inspection is $350-$600 for an average or larger sized house, according to HomeInspector.org. Compared to potential issues with the foundation, electrical system or plumbing, however, it's a small price to pay.

Not putting a pause button on purchases

Buying your first house can be an exciting process and many new buyers get the urge to buy furniture and other home essentials before their closing date. While it's understandable to want to get a head start, it is very important that you not do this. According to Kayla Sweeny, a mortgage loan originator with Southeast Mortgage, a very common mistake is "buying things on credit during the mortgage process. The credit report has to be updated to add the new debt. Debt-to-Income ratios have to be recalculated and the file has to be reviewed again. This could potentially kill a deal."

Not keeping up with correspondence

Sweeny also noted that many first time buyers fail to check their mail, e-mail or messages regularly. "There could be critical loan documentation that a mortgage loan originator or processor has sent the borrower. The entire process is time sensitive. A sense of urgency is a must." This also applies to correspondence from your real estate agent, appraiser and inspector.

(For the AJC)

Not understanding the hidden costs of buying a home

Everyone knows that you'll likely require a mortgage to purchase a home. Unfortunately, many people fail to factor in the other costs associated with purchase - appraisals, earnest money, inspection costs, taxes, HOA dues, utilities and so on. Rafael Castellanos, president of Expert Title Insurance, told Bankrate.com, "They have an idea of what their mortgage payment is going to be, but they don't realize there's much more to it."

Not working with a buyer's agent

Some first-time buyers believe that they don't need or can't afford a buyer's agent. Nothing could be further from the truth. Home purchasing contracts can be long and confusing, filled with legalese that often baffle the layman. Eddie Hudson, owner of The Smyrna Team at Keller Williams, explains that "this means you have no representation, and working with a buyer's agent is free of charge as the seller is paying the commission."

Not looking into loan assistance programs

There are lots of loan programs out there for first-time buyers, from federal down to local levels. Many people don't know to look for them, though. Veterans should absolutely look at the VA program, while everyone else should look at the HUD website to see if any loan or grant programs apply to them. Some municipalities have programs to develop certain areas. The assistance offered can range from help with down payments and closing costs to discounted properties in certain areas.

Related

Aldi, Kroger recalls some apples due to possible listeria contamination

Published: Wednesday, December 20, 2017 @ 3:50 PM
Updated: Thursday, December 21, 2017 @ 4:43 PM

Possible Listeria Contamination Forces Apple Recall at Aldi

Low-cost grocery store chain Aldi and supermarket Kroger have issued voluntary recalls of some of its apples.

According to the Food and Drug Administration, which posts voluntary recalls, Jack Brown Produce, Inc., based in Sparta, Michigan, is recalling Gala, Fuji, Honeycrisp and Golden Delicious apples because of listeria concerns.

>> Read more trending news 

“In cooperation with Jack Brown Produce Inc., and out of an abundance of caution, Aldi has voluntarily recalled an assortment of apples that were available for purchase in stores starting  on December 13, 2017, due to possible Listeria monocytogenes contamination,” Aldi said in a news release Tuesday.

The recall came after one of Jack Brown Produce’s suppliers, Nyblad Orchards Inc., notified the businesses of the affected products.

The affected products were sold at some Aldi stores in Georgia, Indiana, Kentucky, Ohio, South Carolina and North Carolina. 

“To date, no illnesses related to these products have been reported. No other Aldi products are affected by this,” the company said.

Kroger said it recalled lunchbox-size Fuji and Galas sold between Dec. 12 and Tuesday, according to USA Today.

The products affected are sold under the brand name “Apple Ridge” and are as follows: 

  • Honeycrisp apples in 2-pound clear plastic bags;
  • Gala, Fuji, and Golden Delicious apples in 3-pound clear plastic bags;
  • Fuji and Gala apples in 5-pound red-netted mesh bags; and
  • Gala, Fuji and Honeycrisp apples that were tray-packed/individually sold.

Products that may be affected can be identified by the following lot numbers printed on the bag label or the bag-closure clip:

Fuji: NOI 163, 165, 167, 169, 174

Honeycrisp: NOI 159, 160, 173 Golden Delicious: NOI 168 
Gala: NOI 164, 166 on either the product labels and/or bag-closure clip

Affected customers should immediately discard the products or return them to a local store for a full refund. Customers with questions can callJack Brown Produce Inc. at 616-887-9568, Monday-Friday from 7 a.m. to 5 p.m. EST.

How to avoid FedEx, UPS, USPS email scams targeting some customers

Published: Tuesday, December 19, 2017 @ 12:43 PM

A FedEx worker closes the roll up door of a delivery truck.  FedEx, U.S. Postal Service and UPS each have ways customers can report and avoid email scams.
Justin Sullivan/Getty Images/Getty Images
A FedEx worker closes the roll up door of a delivery truck. FedEx, U.S. Postal Service and UPS each have ways customers can report and avoid email scams.(Justin Sullivan/Getty Images/Getty Images)

An email scam affecting FedEx, UPS and U.S. Postal Service customers is taking advantage of an increase in package shipments during the holiday season.

KMOV reported that the FBI Internet Crime Complaint Center is warning consumers about a fraudulent email scam.

The emails claim to be from one of the three organizations and say that a package cannot be delivered. The messages contain a link that users are prompted to click in order to get an invoice to pick up the package, but the link is spoofed and goes to a website set up to steal the user’s information, according to FBI officials.

>> Read more trending news 

According to the FedEx Customer Protection Center, customers who get fraudulent emails or who come across suspicious websites should forward them to abuse@fedex.com. It also recommends immediately contacting your bank if interaction with fraudulent sites or emails have led of financial loss.

More information on how to report fraud to the company can be found on the FedEx website.

A sample fraudulent email from FedEx. FedEx, UPS and US Postal Service email scams are popping up for some customers.(FedEx)

USPS customers can report a phishing attempt by not clicking on any links and forwarding the message to the CyberSecurity Operations Center at CyberSafe@usps.gov. The suspicious message should be deleted right after.

Suspicious emails purporting to be from UPS should be deleted, according to the UPS website. Customers should not follow any links or click any attachments.

“If you’ve accidentally selected a link, you should run a virus scan immediately,” the site said.