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July 27, 2006
$50 from BofA for their new AmEx card
If you've always wanted an American Express card, now could be the time to apply. Banks like MBNA, Citigroup, GE Consumer Finance and Union Bank have started offering them. To lure you into getting these new AmEx cards, you can find some sweet deals.
For example, you can pick up $50 and get 0% intro APR on balance transfers for 12 billing cycles when you get the Bank of America Rewards AmEx card. Most importantly, it comes with no annual fee. (It also offers rewards points and looks like a decent card, but I'm just applying for it to get the easy cash).
Posted by brian at 02:32 PM | Comments (1)
July 26, 2006
Free $100 from Citi (up from $50)
If you'd like to pick up a quick $100, apply for the Citi Diamond Preferred Rewards MasterCard. This card belongs to Citi's "Thank You Rewards" program (5 points for grocery, gasoline and drugstore purchases during the first year and 1 point for all other purchases).
Actually, you don't get $100 in cash - instead, you earn a 10,000 Thank You Point bonus that can be immediately redeemed for a $100 gift card. The $100 gift card would, well, make a nice gift.
This exact same offer used to come with a $50 gift card a month ago. I don't know why Citi upped the offer, but I'm glad I waited to apply - this looks like a nice rewards card with no annual fee. In my experience, Citi has offered pretty quick and friendly customer service.
Posted by brian at 02:46 PM | Comments (0)
July 14, 2006
Cingular helps you rip-off lock/line
Cingular has the worst customer service among wireless providers, according to Consumer Reports. Actually, Cingular has the worst customer service among any company I've dealt with - and that's a tough list to top with winners like the Pasadena DMV, UPS, Walmart, PraxAir, Juniper Bank, Swiss Airlines, and the Jamba Juice in Dublin, CA. Actually, I'm happy to know they're the worst because whatever company I go with next will have to be better than Cingular.
Here's the gist of my last Cingular conversation (after holding for 22 minutes, "because of an unusually high call volume" - code for "because we don't hire enough customer service reps"):
Me: I need a new phone. The screen doesn't work anymore [because I ran over it with the car a couple times]
Cingular: I'm going to have you power cycle your phone to see if that helps.
Me: You mean turn it on and off? No, it's broken. How can I get a new phone?
Cingular: Sometimes power cycling helps. If you could just turn the phone off and remove the battery ...
Me: Actually, I know how to turn stuff on and off. [that's how I fix my computer when Windows hangs up]. It's definitely busted [and powering cycling won't magically meld together the shattered pieces of screen]. How long is my contract - can I cancel service?
Cingular: Well, your contract goes until June 2034. Muhahahahaha [actually, June 2007]. It's $150 to cancel your contract [and afterwards, we bend you over and ... wait a second, this is a family website]. What I'm going to do is sign you up for lock/line. It's insurance for your phone in case it breaks ...
Me: Wait. What?? My phone is already broken - I don't need insurance after the fact.
Cingular: I'm going to verify that your phone still works.
Me: Uh, I'm talking on it right now.
Cingular: I'm going to call you and ask you to switch to the other line.
Me: Wait, stop, I'm talking to you on it right now ... doesn't Cingular give you guys caller ID or something?
Cingular: I'm placing the call. Please answer.
Me: What the ...? Ok, hold on ... [I switch lines]. Hello, this is Brian, can you hold on a sec, I'm talking to Cingular on the other line ...
Cingular: Sir, this is Cingular.
Me: Oh, wow, I didn't realize you were calling me.
Cingular: So I've verified that your phone works. You're now eligible for lock/line. If your phone stops working, you can ask for a replacement for a $50 deductible. Wait a few days and call them up and tell them your phone is broken.
Me: Lemme get this straight. I get insurance today for ... wait ... how much is it?
Cingular: $3.99 per month ...
Me: Ok, four bucks, and I hang up, call lock/line and tell them my phone is broken and get a replacement for $50? Even though my phone works right now?
Cingular: Well, technically you have to wait a month to call lock/line but I'm told sometimes you can call in a couple of weeks [pulling that part out of his ass to meet a sales quota]. See, with lock/line you can take a sledgehammer to your phone and they'll replace it. Or maybe you'll, you know, lose your phone in the next few weeks [wink-wink]. [I swear this is what he said, and I'm sure I heard his eyelashes come together as he winked.]
Me: So lemme get this straight - for $54 bucks - the deductible and one month of lock/line - I can replace my phone anytime I want?
Cingular: Well, you need your phone to be lost [which is cool, because I'm excellent at losing things]. Also, I recommend you keep lock/line on your new phone, in case this happens again.
Me: Why pay $4 every month if I can just call up when I need the insurance and get it that month?
Cingular: Um, your phone still works now. It might not work in the future. So I'm signing you up ...
Me: Wait a sec. Yeah, thanks for all the info, but I'm gonna think about this. Bye.
Cingular: You have a great day [code for, "You suck for making me explain stuff without buying anything"].
So there you have it: Cingular helps you rip-off lock/line.
Even me, who loves taking sign up money and bonus offers, can't stomach this one. I'm just going to have to suffer without caller ID and answer every call until my contract expires. Actually, this site helps you cancel your contract early.
Posted by brian at 05:46 PM | Comments (0)
July 13, 2006
Getting around security questions
Zug is at it again. He messed with his Visa card bank, getting them to actually tell him his mother's maiden name. I feel so much safer now.
Posted by brian at 12:09 PM | Comments (0)
July 12, 2006
Quit buying so much crap and cashing out those 401(k)s
Until the 1980s, Americans saved over 10% annually. Now, we have a negative savings rate - we spend more than we save. Study after study says the same thing - Americans are going to live much longer and be much poorer in retirement than ever before. Let's review:
Employee Benefit Research Institute
More than half of Americans over 55 have less than $50,000 saved.
Fidelity Retirement Index
The average household is set to replace 57% of their income in retirement. So a household used to living on $50,000 per year better be able to squeak by with $28,500 in retirement.
Putnam
Surveying retirees, they found, "Seventy percent wish they’d saved more and 59 percent wish they’d started saving earlier. Their biggest surprise? That they have insufficient income and high expenses." The scary part - these retirees are part of a group that saved MORE than people save now. Listen to your elders!
Nationwide Financial
One in four eligible Americans don't participate in a 401(k), households save just 0.1% of disposable income, and yet "59% believe they have a plan and are saving enough for retirement." Unfortunately, "there appears to be a contradiction in what people say and what they actually do". Uh, yeah. We know. They like $5,000 plasma screen TVs and $1,000 spinner rims for their low rider Honda Odysseys. That stuff is important.
Guardian Life
"Boomers also tend to think they will be able to make a few big deposits to their retirement savings later in life, rather than many small deposits over the course of a working career." Yeah, like after they win the lottery, a rich relative dies, they make it onto "Deal or No Deal", ...
Look, America, you buy too much crap (well, the studies don't say what we spend our money on, but, I've seen the cars you drive, the furniture you sit on, and the entertainment systems you can't live without, and, yeah, it's crap). About 1/3 of Americans invest regularly. Those other 2/3 had better get used to a lot more Spam and a lot less filet mignon in retirement.
I've seen two popular, but conflicting, rules of thumb of how much you need to retire: The first rule: you need about ten times your annual salary saved up at retirement. So if you're used to a $50,000 per year lifestyle, you need about $500,000. The second rule I've seen: you should be able to pull out about 4% of your savings each year and make your money last through retirement. So if you're used to a $50,000 per year salary, you'll need about $1,250,000. However, that doesn't account for inflation, but social security could make up the difference (yeah, right).
No matter the amount you need, it's a lot. Here's a three-step program to get started:
1. Enroll in your company's 401(k)/403(b).
2. Save a lot - 10% of your gross salary is a good start.
3. Get market returns - that is, don't put all your money in bonds and CDs. You've got to buy stocks.
This third step doesn't mean you have to beat the market or even do a lot of research. Invest in index funds like Vanguard's Total Stock Market Index or the S&P 500 Index, and you're done. Vanguard walks you through the process step-by-step.
Okay, now go apply for this pretty decent American Express Rewards Card so I can make some money off the affiliate link and keep telling you what to do and you can ignore me and go buy some more crap.
Posted by brian at 02:04 PM | Comments (1)
July 11, 2006
Some debit cards aren't completely worthless
Banks have made debit cards more attractive for people who don’t want to use credit cards but are looking for an alternative besides cash or checks. (Does anyone besides my mom use checks any more?)
Bank of America's "Keep the Change" program rounds up the purchase to the nearest dollar and transfers the difference from checking into savings and matches those funds for the first three months, up to $250. Afterwards, they match 5%. This thread works out the details - to earn the $250 in the 12 weeks that BofA matches 100%, you need to make 253 purchases of, say, $1.01 (or $2.01 or $3.01, etc.) to earn a 99 cent match. That works out to three purchases per day for three straight months - kinda toughh. Plus, you're forced to have a low-interest BofA savings account.
Washington Mutual offers a debit MasterCard that earns three pennies per purchase, up to $250 a year. As long as you make purchases for less than $3, that's equivalent to 1% or more cash back. I guess you could fill up your tank with 40 $1 gasoline purchases and earn $1.20 (3% cash back! Wow!). Or just get a credit card that pays 5% for gasoline purchases?
North Fork Bank gives a point for each dollar spent in the DebitPerks program. 10,000 points is good for a $50 gift card at Starbucks, Eddie Bauer, etc. That only works out to 0.5% cash back. Plus the annual fee is $20 after the first year, but you do get 500 points to sign up. No thanks - if you really want some free Starbucks, there's a free $10 gift card available for getting the Starbucks reward card.
Chase offers a point for each dollar spent, too, and with no annual fee and 1,000 points for signing up, it beats North Fork Bank's debit card. But 4,000 points is only good for $10 gift cards, or only 0.25% cash back. Again, why bother when Chase offers a great Free Cash Rewards Visa?
Finally, Citibank rewards you with a point for every $2 spent or for every $3 spent when you use a PIN. You get bonus points for enrolling in online bill payment. I like Citibank but I like their cash back credit cards a whole lot more than this deal. If you are absolutely set on a debit card, this is the one I'd go for since 25,000 points earns a round-trip plane ticket to anywhere in the continental U.S. (So if the ticket works out to be $500, then it'd be equivalent to 1% cash back).
Posted by brian at 11:05 AM | Comments (0)
July 10, 2006
I wish I was 22 years older
Apparently, certain Wendy's locations will give you a 10% discount if you're 55 or older. Certain Burger King locations will give you a 10% discount if you're 60 or older. (And if you still eat at McDonald's, you don't really deserve a discount).
I don't know if they actually check your driver's license to see if they should charge you full price for a Frosty or if they just knock off, what, 20 cents no questions asked, so if you guys have had any experiences there, please let me know.
Oh, and the Jack in the Box at the corner of Hill Ave and Colorado St in Pasadena is a good place to score marijuana. Don't ask me how I know that. And, no, you can't get a senior citizen discount but they do take credit cards.
Posted by brian at 04:52 PM | Comments (0)
July 09, 2006
Free $40 if you have a Citibank card
You can enroll in Citibank's extremely high priced credit protector plan, where you pay an outrageous $0.85 per $100 of balances. Why would you want to do that? To get $40 for trying out this silly service - you know, the one where if you die or get laid off, you can avoid the monthly payments for a few months. It's a giant rip-off.
Anyway, it's free to try out for the first 30 days. I'm going to enroll as soon as I post this entry, then I plan on cancelling the service as soon as I get the $40. With any luck, when I try to cancel, they'll offer me some more incentives to keep trying the service (that's what Chase usually does).
I also don't have a balance on my Citibank card, so it won't cost me anything even if I go over the 30 day trial period.
Posted by brian at 10:04 AM | Comments (0)