Personal Finance and Investing

It’s tough to get by financially in today’s fast-paced life. With mortgages, car notes and massive amounts of credit card debt, most people struggle to get by from month to month. With most people doing what they can just to pay their bills, few people are prepared for the unlikely event of a financial disaster. They come in many forms; a storm like Hurricane Katrina, a loss of job, or a sudden illness can break anyone who isn’t prepared for an unexpected interruption in their financial life. But it isn’t all that difficult to make preparations that will help you in times of a money crisis.

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There is a tactic used by many credit card customers called “pumping and dumping.”

This newest tactic is used when credit card customers open an account to take advantage of credit card rewards bonuses and points during a promotional time period, only to “dump” the credit card thereafter.

The Allure of Sign-Up Bonuses

Sign-up bonuses for rewards credit cards are quite common, as this is how many creditors lure customers into signing up for their credit card.

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Managing our credit card accounts has never been more convenient and practical, and it looks like it just got a little bit easier.

Citibank has teamed up with the iPhone to allow individuals to effortlessly complete their mobile banking services. Called the Citi Mobile Suite, this iPhone application allows cardholders to access and manage their credit card accounts from their mobile phone, from any location and during any time of the day or night. Could it get any easier?

Advantages of Mobile Banking

Mobile banking; in particular, banking from your mobile phone, has never been easier, and the benefits are clear:

• Mobile banking allows credit card customers to keep an eye on their account, at any given time, thereby giving customers more control over their spending habits. Haven’t we all opened our credit card statements and stood there in awe at the balance because we didn’t realize we charged so much the month before? Mobile banking applications for mobile phones eliminates this monthly surprise by allowing customers to check their balance and their recent purchases, whenever and wherever.
• Mobile phone banking allows customers to keep a close eye on their credit limit so they don’t exceed it and incur costly over-the-limit fees. It allows customers to stay within their budget and not overspend without thinking.
• Mobile phone banking, like the one offered through Citi, allows customers to text requests regarding their credit card account, including balances and transaction history. This feature takes the concept of mobile banking one step further, as it allows customers to receive important information about their account on demand.
• Mobile phone banking allows credit card customers to track spending on their credit card as to prevent identity thieves from obtaining their credit card numbers and charging up their credit cards. The ability to view credit card purchases at any given time is a huge blow to identity thefts who before could potentially make unauthorized purchases for weeks before getting caught. The more connected we become to our credit card accounts the less likely that identity thieves will be able to get away with fraudulent spending.

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1. The first step to is finding ways to cut money spending on the essentials (food, water, and shelter). Before going to buy groceries, set a money cap on how much you want to spend and stick to it. When you go grocery shopping, bring a list of all the things you need, not want. Then have a separate list of things that you want, but don’t necessarily need. Go shopping, and buy everything you absolutely need, but look for the cheaper brand of things. Don’t think generic, but think store brand. Also get a discount card of your grocery store to receive other discounts.

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