Visa Holiday Consumer Protection Tips

Looking for a Credit Card for Christmas Shopping? Before you submit a credit card application, first review the main points which will help you choose the right credit card for your needs.

What Charges You'll Make - If you're going to use the credit card mainly for booking airline reservations and hotels, it might be best for you to get a travel credit card that offers sky miles and hotel points or cashback. If this will be an emergency credit card only, then your main concern may be for a low interest rate credit card with low fees.

When You'll Repay Charges - Will you pay off credit card charges in full every month, or will you carry a balance month to month? If you're going to carry a balance, you want the lowest possible interest rate as well as a low introductory rate. But if you'll payoff balances in full every month, then interest rate really doesn't matter so no annual fee and/or a long grace period would be a bigger concern. If you're going to carry a balance, be concerned about how the finance charge is calculated. The most common method is the Average Daily Balance, which means that the daily balances are added together and then divided by the number of days in the billing cycle. Stay away from credit cards that compute the balance using two billing cycles, as this method costs more money in financing fees.

What Amount You'll Charge - If you're going to use the credit card for all your monthly expenses, then you need a card that has a high credit limit and a high cashback percentage.

More info about Interest Rates, Credit Limits, Incentives, Fees and Penalties

Interest Rates - The interest rate (Annual Percentage Rate) APR can either be a fixed rate or a variable rate that is tied to another financial indicator, most commonly the prime rate. With a fixed rate credit card you know what the interest rate will be every month, whereas a card with a variable rate can fluctuate. Of course, even the interest of a fixed rate card can change based on certain events, such as paying your credit card bill late, exceeding your limit, or simply because the credit card issuer decides to change it after providing you ample advance notice.

Credit Limit - This is the amount of money the credit card company will let you charge to the card. This amount varies depending upon the card offer and your credit history. Be sure to get a credit card with an ample limit, because getting close to your max can hurt your credit score. Just remember that you don't have to max out your limit just because it's available.

Incentives - To compete for and to gain customers, many credit card companies offer rewards. Even if you normally use cash, why not use your credit card and then use the cash to make the payment during the grace period? You still won't pay interest and meanwhile you'll rack-up rewards. A credit card with 5% cashback will earn you $5 for every $100 charged. If your total bills come to $2,000 per month, you'll earn a free $100 every month. Look for a rewards program that you'll use and which offers flexibility, such as cashback or travel.

Fees and Penalties - Compare common charges such as late fees, overlimit fees, balance transfers, cash advances, and for making payments by telephone. Regarding balance transfers, look for credit card offers with no transaction fees and zero percent interest for at least 12 months.

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Visa Holiday Consumer Protection Tips

By Credit Federal | Published 12/5/2005

With Cards Preferred over Other Forms of Payment, it Pays to be Smart this Holiday Season

As the holiday shopping season gets underway, a new poll by Visa USA finds that consumers prefer to pay with Visa more than ever before this holiday season.

Specifically, 45 percent of those polled cited their credit card or debit card as their preferred payment method at the holidays. These findings make general purpose payment cards, such as Visa, the number one payment option at the holidays, followed by cash (41 percent), checks (10 percent) and store cards (2 percent).

The consumer survey results are supported by actual Visa spending data. Total spending on Visa-branded cards for Black Friday (November 25th) topped $3.9 billion, a 13.9 percent increase over the same day in 2004 ($3.4 billion in 2004), according to the Visa USA SpendTrak Report, which provides real-time insight into consumer spending behavior during the holiday shopping season. Overall sales during the holiday season (October 31-November 25) increased to $82.7 billion, a 17 percent increase over the same period in 2004.

Today $15 out of every $100 spent by consumers in the United States is on a Visa-branded card.

In light of the tremendous popularity of Visa cards, Visa wants consumers to have a safe, convenient and enjoyable holiday shopping experience. In order to ensure that experience, we offer the following tips:

Tips for Consumers

Shop Safely/Beware of fraudsters. Whether you're shopping on the Internet or at the mall, Visa is working 24/7 to protect you from fraudsters. Since online shopping has increased as a convenient way to shop, use safeguards such as Verified by Visa and shop with merchants you know and trust. Also be aware of common fraud schemes, such as phishing (an e-mail scam in which fraudsters attempt to convince consumers to reveal personal information through official-looking, fake Web sites or in a reply e-mail), and remember that you are protected with Visa's zero liability policy, which ensures that consumers pay nothing - not a cent - in the event of any unauthorized purchases.

Watch out for checkout fees. Since consumers prefer to pay with plastic, Visa doesn't think they should be penalized at the checkout counter with extra fees. That is why Visa's rules prohibit charging checkout fees - fees on purchases made with credit or debit cards -- on cardholders paying with Visa-branded cards.

Know your rights. Checkout fees (also known as surcharges) are outlawed in 10 states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas). Several other states across the U.S. regulate the practice. Check your receipts, and remember that you have the power over whether to pay such charges. The choice is in your hands.

Set a budget. Set a realistic budget for holiday spending and stick to it--adjusting where necessary to stay on track. Check out the "How Much Should I Spend?" calculator at practicalmoneyskills.com, which automatically calculates a personalized holiday spending budget for you based on your income. The "Holiday Gift Log" at practicalmoneyskills.com will help you to estimate and record actual gift expenses for each person on your list.

Check it twice. Always check sales receipts for the correct purchase amount before you sign them, and keep copies of your sales and ATM receipts. Always check your billing statement and verify the amounts of your purchases.

Dispute any errors. If you find a possible error on your billing statement, you have the right to file a dispute. Always be sure to put everything in writing -- including your account and transaction details. Notify your card Issuer of the dispute only if you cannot first resolve it directly with the merchant. The card Issuer will conduct an investigation of the purchase during which you are not required to pay the disputed amount.

"As consumers get out their shopping lists this holiday season, they know that Visa cards help them save time, earn rewards and reduce holiday hassle," said Rhonda Bentz, Vice President, Visa USA. "Instead of wasting valuable time fumbling with cash or writing checks, consumers are turning to Visa for the many advantages it offers over other forms of payment."

About Visa USA

Visa USA is the nation's leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Visa USA is committed to increasing the choice, convenience, acceptance, and security of Visa payments for all stakeholders in the payment system - Members, cardholders and merchants. Through its 13,420 Member financial institutions, more than 488 million Visa-branded cards have been issued to cardholders in the United States. Last year, U.S.-based financial institutions relied on Visa's processing system, VisaNet, to facilitate $1.3 trillion in transactions with unparalleled reliability.

Worldwide, cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accounting for more than $3 trillion in annual transaction volume.

Visa offers a trusted, reliable and convenient way to access and mobilize financial resources - anytime, anywhere, anyway.

Important Disclosure

Visa makes every effort to use reliable information in preparing the SpendTrak report and this set of retail predictions, but Visa makes no representation that they are accurate or complete. Visa's predictions about the future performance of the economy are based on assumptions that may not be realized.

Use the "What Do You Want?" menu to locate a Visa credit card that's right for you.

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Visa Holiday Consumer Protection Tips - by <a href=http://creditfederal.com>CreditFederal.com</a> With Cards Preferred over Other Forms of Payment, it Pays to be Smart this Holiday Season As the holiday shopping season gets underway, a new poll by Visa USA finds that consumers prefer to pay with Visa more than ever before this holiday season. Specifically, 45 percent of those polled cited their <a href="http://creditfederal.com/credit-card.html"> credit card</a> or <a href="http://creditfederal.com/debit-card.html"> debit card</a> as their preferred payment method at the holidays. These findings make general purpose payment cards, such as Visa, the number one payment option at the holidays, followed by cash (41 percent), checks (10 percent) and store cards (2 percent). The consumer survey results are supported by actual Visa spending data. Total spending on Visa-branded cards for Black Friday (November 25th) topped $3.9 billion, a 13.9 percent increase over the same day in 2004 ($3.4 billion in 2004), according to the Visa USA SpendTrak Report, which provides real-time insight into consumer spending behavior during the holiday shopping season. Overall sales during the holiday season (October 31-November 25) increased to $82.7 billion, a 17 percent increase over the same period in 2004. Today $15 out of every $100 spent by consumers in the United States is on a Visa-branded card. In light of the tremendous popularity of Visa cards, Visa wants consumers to have a safe, convenient and enjoyable holiday shopping experience. In order to ensure that experience, we offer the following tips: Tips for Consumers Shop Safely/Beware of fraudsters. Whether you're shopping on the Internet or at the mall, Visa is working 24/7 to protect you from fraudsters. Since online shopping has increased as a convenient way to shop, use safeguards such as Verified by Visa and shop with merchants you know and trust. Also be aware of common fraud schemes, such as phishing (an e-mail scam in which fraudsters attempt to convince consumers to reveal personal information through official-looking, fake Web sites or in a reply e-mail), and remember that you are protected with Visa's zero liability policy, which ensures that consumers pay nothing - not a cent - in the event of any unauthorized purchases. Watch out for checkout fees. Since consumers prefer to pay with plastic, Visa doesn't think they should be penalized at the checkout counter with extra fees. That is why Visa's rules prohibit charging checkout fees - fees on purchases made with credit or debit cards -- on cardholders paying with Visa-branded cards. Know your rights. Checkout fees (also known as surcharges) are outlawed in 10 states (California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas). Several other states across the U.S. regulate the practice. Check your receipts, and remember that you have the power over whether to pay such charges. The choice is in your hands. Set a budget. Set a realistic budget for holiday spending and stick to it--adjusting where necessary to stay on track. Check out the "How Much Should I Spend?" calculator at practicalmoneyskills.com, which automatically calculates a personalized holiday spending budget for you based on your income. The "Holiday Gift Log" at practicalmoneyskills.com will help you to estimate and record actual gift expenses for each person on your list. Check it twice. Always check sales receipts for the correct purchase amount before you sign them, and keep copies of your sales and ATM receipts. Always check your billing statement and verify the amounts of your purchases. Dispute any errors. If you find a possible error on your billing statement, you have the right to file a dispute. Always be sure to put everything in writing -- including your account and transaction details. Notify your card Issuer of the dispute only if you cannot first resolve it directly with the merchant. The card Issuer will conduct an investigation of the purchase during which you are not required to pay the disputed amount. "As consumers get out their shopping lists this holiday season, they know that Visa cards help them save time, earn rewards and reduce holiday hassle," said Rhonda Bentz, Vice President, Visa USA. "Instead of wasting valuable time fumbling with cash or writing checks, consumers are turning to Visa for the many advantages it offers over other forms of payment." About Visa USA Visa USA is the nation's leading payment brand and largest payment system, enabling banks to provide their consumers and business customers with a wide variety of payment alternatives tailored to meet their evolving needs. Visa USA is committed to increasing the choice, convenience, acceptance, and security of Visa payments for all stakeholders in the payment system - Members, cardholders and merchants. Through its 13,420 Member financial institutions, more than 488 million Visa-branded cards have been issued to cardholders in the United States. Last year, U.S.-based financial institutions relied on Visa's processing system, VisaNet, to facilitate $1.3 trillion in transactions with unparalleled reliability. Worldwide, cardholders in over 150 countries carry more than 1 billion Visa-branded cards, accounting for more than $3 trillion in annual transaction volume. Visa offers a trusted, reliable and convenient way to access and mobilize financial resources - anytime, anywhere, anyway. Important Disclosure Visa makes every effort to use reliable information in preparing the SpendTrak report and this set of retail predictions, but Visa makes no representation that they are accurate or complete. Visa's predictions about the future performance of the economy are based on assumptions that may not be realized. Use the "What Do You Want?" menu to locate a Visa credit card that's right for you. This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.