Bad Medical Billing Practice

By: Mr Credit Card

04/04/2010

In February, our family was in Breckenridge in Colorado skiing. Mrs Credit Card hurt herself and actually tore her ACL (anterior cruciate ligament) in her right knee on the last day of our ski trip. She was taken to the ski’s medical center where she was given a set of crutches and some exercises to do before she sees a doctor back home. While she was there, she paid her co-pay and was told there may be an additional bill and to watch for it in the mail.

And for an update, Mrs Credit Card has had her surgery and all is well (as in the surgery went well) and she is doing her physical therapy now.

Just two days ago, I got an “automated call” from the medical center in Colorado saying that we are “late” on the medical bill and that we had to send it within 5 days. I actually panicked a little because I hate to pay my bills late and the last thing I need in today environment is to get a ding in her credit report. But we keep and check our mails diligently and do not recall seeing any bill from the Colorado Medical Center!

So yesterday, Mrs Credit Card called them up and she paid via credit card over the phone (hey what do expect from us!).

Then today, I got the bill in the mail!!! What the F%^& is going on? Their billing department gives us a call telling us we are late before we even receive the bill in the mailbox! The greatest joke is that there was no due date stated on the bill!

The reason I’m ranting over this is that I’ve had a bad experience with hospital’s billing practices before. Back in 2005, I went to visit a doctor in Lankanau Hospital. We are moved house shortly after. The next time I went back, I was told that I had not paid my bills! Uh! Turns out they have been sending it to the wrong address and they were about to send the bills to collections! I paid up right away!

I do not know about you folks, but I find that bills from hospitals and insurance companies are really messy. Half the time you do not understand what you are paying for. Many times (in my experience anyway) they have problems sending you the bills and stuff like that. Not paying these bills on time make it really easy for your credit score to take a hit without you realizing it. I mean, how could you be late if you have not received your bill?

Anyway, please share any such stories that you have. Is this just an oddball case, or is it more common?

Roundups – Haven’t done this in a while. But several posts have caught my eye. Money Beagle is traveling less now and is using up his dormant frequent flier miles.

Credit card issuers have raised rates on plenty of folks in the last year or so. This just caught up with Mrs A who saw her rates rise on her Discover Card. She went through a meticulous process of figuring out her next move. She has updated her situation here.

Finally, congrats to Lulugal who is finally credit card debt free (well sort of). Read her post to find out.

Capital One Venture Rewards Credit Card Review

By: Mr Credit Card

04/03/2010

Capital One has just come up with a new credit card called the Venture Rewards card. Today, we are going to have a closer look at the card. There are actually two versions, one with an annual fee and one with no annual fee.

Rewards – First, let’s look at the one with the annual fee. This version allows you to earn 2 points for every dollar that you spend on the card. You get 10,000 bonus miles if you spend $1000 in the first three months after you get the card. Points can be redeemed for airline tickets, other travel items, gift cards and merchandise. The annual fee for this card is $59 and is waived for the first year. You also get concierge service with this card.

The no annual fee version (called VentureOne) allows you to earn 1.25 points for every dollar that you spend on the card. Like the other card, you also get concierge service.

How to Redeem Points for Airline Tickets – To redeem your points for airline tickets, you can either book your travels with Capital One or yourself (and then claim it for a statement rebate using your points you have earned). 100 points is worth $1. Hence 30,000 points gets you a $300 ticket. Because you can use any agent to book, it is really convenient and not subjected to blackout dates.

Other Standard Features – These cards also come with the usual travel type features found in the better cards.

Comparison – In my opinion, the Venture Rewards card with the annual fee really resembles the Discover Escape Card. The Escape Card from Discover also allows you to earn double miles (or points) as well, and it comes with a $60 annual fee (so it seems Capital One is cheeky is setting the annual fee just one dollar below that of the Escape Card! I think the Escape by Discover® Card is better then Capital One in that you can also earn double miles when you shop online at their shopdiscover.com merchant partners. They also have a better sign up bonus (at present anyway – might change in the future). The Capital One is better in the area of not having any foreign currency transaction fee.

The no annual fee version is pretty similar to other rewards cards like the Miles Card from Discover, Blue Sky from American Express, Chase Sapphire and PenFed’s Travel Rewards Card. With all these cards, you can earn points and you can either book your travel through the cards site using points or book your own travel and redeem points as statement credit.

Verdict – The Capital One Venture Rewards Card is a decent card and will appeal to those are not really frequent flyers, are high spenders and want to earn points or miles for airline tickets. If you are considering the annual fee version, you should also check out the Escape by Discover® Card. Another card to consider is the
PenFed Premium Travel Rewards American Express® Card. With this card, you could earn 5 points for every dollar that you spend on airfare. You also get 3 points for every dollar you spend on hotels and Dining (good till 31st December 2010). You get 20,000 bonus points when you spend $650 in the first three years. You can also access to 600+ Luxury VIP Global Airport Lounge Access with $15,000 Annual Spend 24/7 Premium Concierge Service. Also, like Capital One, there is no fee for any foreign currency charge. The only thing you need to do this to pay a one-time $20 fee to join PenFed if you are not an existing military member of family of one. And the annual fee is also cheaper at $50 (waived for the first year).

The no annual fee version (VentureOne) is also a pretty good card as far as earning points goes. But also consider cards like the Chase Sapphire, which allows you to earn double points for airline ticket bookings and shopping online with their merchant partners.

Zync Rethink

By: Jason Steele

04/02/2010

A month ago, I examined the new American Express Zync card and gave it a “qualified endorsement” based on it’s supposed accual of Membership Rewards points. As you can see from their web site, you can expect to earn “Membership Rewards Points” when you use a Zync card.

When Is A Membership Rewards Point Not A Membership Rewards Point?

This week, I learned through the Frugal Travel Guy that the Zync card does not actually award it’s holder bona fide Membership Rewards points. You earn a point in something called the Membership Rewards Express program. You read that correctly, there is actually an American Express Membership Rewards Express program. I would love to speak with the marketing genius who came up with that one.

What is the difference between the classic Membership Rewards program and the new MR Express? I found this blog post detailing the value of the “Express” program. The “Express” program lacks the critical feature where you can transfer points to airlines. It replaces that feature with a “pay with miles’ option that gives you about one cent in value per point when redeemed for airfare. That seems to be the best redemption option. Realistically, you can get a lot more value per mile when redeeming for airline tickets when you transfer traditional Membership Rewards points to airline miles, so this represents a major devaluation. For example, you can often get 5 – 10 cents per mile when redeeming for international business and first class travel.

Really Sneaky Stuff

You can see from the screen shot above that there is no mention of Membership Rewards Express points. If you are wondering, the first footnote makes no indication that you will not be earning genuine Membership Rewards points, while the second footnote makes a reference to the MR “Express” program.

Of course, it the website it references directs you to a web page with mountains of fine print but no explanation of the MR Express program!

This Is Maddening Stuff

I am a supposed expert in credit cards, and I didn’t spot the difference between MR and MR Express when I did my review of the card two months ago. I happen to know that American Express read my review where I even said;

“As for the rewards aspect, the Membership Rewards program is top notch in both flexibility and value. Sure, some rewards have more value than others, but they are second only to the Starwood Amex in the number of airline transfer options, which is their highest value reward option in my opinion. “

They read this review and even sent me a follow up note, but they failed to recognize the fact that the Membership Rewards Express points are not transferable to airlines. So if this blogger is not able to make the distinction, and American Express’s own staff fail to correct my error when they see it, what are the chances that the average consumer is going to know that they are not getting real American Express Membership Rewards points when they sign up for the Zync card?

Where Does That Leave The Zync Card?

I have to say, I don’t see the value in this card anymore. The MR Express points are only worth a penny, and I can get twice that in cash back awards from so other cards, many without an annual fee. The point of a rewards card is to maximize your rewards without confusing the heck out of you, and the Zync card has fallen flat. I just don’t see any reason to get this card over a Starwood American Express card.

http://www.membershiprewards.com/catalog/splashtemplates/TermsSplash.aspx?rfs=1

Black Belt Rewards Visa Card

By: Mr Credit Card

Summary: PartnersFirst and World Black Belt, which is an international martial arts community, are offering the Black Belt Rewards Visa credit card. The credit card is available with numerous special features and rewards for all martial artists and enthusiasts.

Benefits and Features: Cardmembers earn 1% cash back on all purchases and will also receive total fraud protection and 24/7 customer service. You can also customize your card with an embossed line of up to 26 characters, which could include your business name, school name, etc.

Rewards: Special rewards include airline travel with no blackout dates, hotel discounts, gift cards and opportunities to take advantage of unique experiences. Points can also go toward martial arts gear and apparel and martial arts related events and experiences as well. Cardmembers can also shop the Rewards Catalog which includes deals and discounts on electronics, apparel and equipment.

Fees: $0 annual fee and an introductory APR of 0% on balance transfers for 6 months of card membership.

Conclusion: The Black Rewards Visa Card allows martial artists to show their pride in their sport while earning rewards with a no annual fee credit card. World Black Belt (whose founding members consist of Chuck Norris and other famed martial artists), also offers a wide range of benefits, discounts and opportunities to those that are interested in the martial arts.

Review of Western Kentucky Alumni Association MasterCard

By: Mr Credit Card

04/01/2010

Summary: This credit card by PartnersFirst is the official card for all alumni and friends of Western Kentucky University. There is also a Western Kentucky Alumni Association Rewards Visa card which offers the same benefits and features as the MasterCard except for the photo on the card itself.

Features and Benefits: The WKU credit card includes a photo of the WKU “Spirit Makes the Master” Scene while the Visa card includes a photo of the colonnade at sunset. There are no late payment or over the limit fees with either of the cards. Cardmembers will also receive total fraud protection and 24/7 customer service.

Fees: No annual fees for this credit card and an introductory APR of 0% for 6 months of card membership.

Rewards: Cardmembers of the Western Kentucky Alumni Association Rewards MasterCard and the Western Kentucky Alumni Association Rewards Visa card will receive 1% cash back on each purchase. Points can be redeemed for airline travel, merchandise and opportunities for unique experiences.

Conclusion: This card is ideal for all alumni and their friends, allowing them to show their support for Western Kentucky University while earning rewards that can be redeemed for cash back and a variety of merchandise and opportunities including travel and unique experiences. Whether you choose the Visa or MasterCard is up to the applicant, as both cards carry the same features and benefits, with exception to the photos that are displayed. The $0 annual fee and 0% APR on balance transfers for 6 months, while earning rewards on everyday purchases result in a credit card that all alumni of Western Kentucky University will be proud to carry.

University of Idaho Rewards Visa Card

By: Mr Credit Card

03/31/2010

Summary: University of Idaho Alumni and friends can now support their alma mater and earn rewards at the same time. PartnersFirst and the University of Idaho have partnered up to offer the official credit card of the University of Idaho. Not only will alumni be able to earn points for rewards on their purchases, but can also show their Vandal pride in yet another way. A percentage of your purchases will go to the University of Idaho Alumni Association which supports alumni programs, student scholarships, services and events .

Benefits and Features: Cardmembers of the University of Idaho Rewards Visa credit card will earn 1% cash back on every purchase that is made with the card. You can also choose between 3 Idaho card designs which feature a glimpse of the campus or the University of Idaho Vandal logo. Total fraud protection and 24/7 customer service are included with card membership.

Rewards Program: Earn one point for each dollar spent. Points can be redeemed for airline travel with any airline with no blackout dates, valuable merchandise purchases or gift cards from major retailers and opportunities for unique experiences. Plus, there are special offers and discounts for Vandal gear and events.

Fees: There is no annual fee and an introductory APR of 0% for the first 6 months.

Conclusion: This is a great credit card for alumni and students to show their Vandal pride as well as supporting the University of Idaho with a percentage of purchases going toward assisting the University of Idaho Alumni Association. It is also a great opportunity for fans to earn rewards and discounts for Vandal merchandise and events.

Advanced Credit Card Trick

By: Jason Steele

03/30/2010

Lately, I have been offering all sorts of tricks and tips for the average credit card user. I am keenly aware that most credit card users carry a balance and struggle to pay it off. If you are one of those, stop now and go on to something else.

Opening A New Bank Account?

I was discussing banking with a very successful businesswoman and (frequent flier mile collector) the other day. She mentioned that she had changed banks recently, and that it is not that uncommon for her to open a new account for business or personal financial reasons. I shared with her a trick that I had picked up some time ago. When you open an account, the last question you are likely to hear is “How would you like to fund your initial deposit?”

What few people realize is that most banks will actually accept your credit card for an initial deposit. If you have good credit, and a large limit, you may choose to fund something very close to that limit. Of course, you can withdraw funds from that account to pay for your credit card. An extra bonus would be the small amount of interest you might make if you time your initial deposit shortly after your billing statement closes.

Visa and Mastercard are commonly accepted, with American Express acceptance being exceedingly rare. Furthermore, reports indicate that some banks, such as Citi are now coding such charges as cash advances. This is triple bad as you get hit with interest and fees, while not earning any rewards. The easiest way to ensure that your bank cannot charge an initial deposit as a cash advance is to call your credit card issuer ahead of time and ask for your cash advance limit to be set to zero. This is not a bad idea for other reasons, as it reduces your risk of fraud. With your cash advance limit set to zero, go ahead and rake in the miles or cash back bonuses.

Will This Affect Your Credit?

No, opening a bank account does not affect your credit score in any way. There is another system out there that tracks bank accounts, and you will run into issues if you try to execute this trick every day. If you are opening your accounts for legitimate purposes, not just to gain miles, you should never have a problem. Think of all those frequent flier miles as the new version of the toaster that banks used to offer for opening an account. There certainly is nothing illegal or unethical about funding your account with a credit card, it just happens to be a relatively unknown option.

Little House In The Valley Interview

By: Mr Credit Card

This morning, I had the pleasure of talking to Little House from www.littlehouseinthevalley.com. It turned to be a very interesting chat indeed. In this radio show, we talked about

How she got her credit score trashed by defaulting on your credit card debt

Her experiences with debt collectors

How she improved her credit score by over 100 points in a year

How she and her husband talks about money even though they were brought up differently with regards to money

How they manage their business cash flow

In fact, it went by so fast that I missed out asking her a couple of questions that I really wanted to answer. Well, that will have to wait for another show. So make yourself a cup of coffee or tea and enjoy the show.

Goodguys Rewards Visa Card Review

By: Mr Credit Card

Summary: The PartnersFirst Goodguys Rewards Visa credit card is the official credit card for the Goodguys Rod and Custom Association. This car club promotes and produces events for hot rods and custom cars at a range of venues including fairgrounds, outdoor stadiums and speedways.

Features and Benefits: Cardmembers of the Goodguys Rewards Visa receive an opportunity to earn valuable merchandise from top parts manufacturers and service providers as well as airline tickets, hotel discounts, gift cards or just cash back. You will also be able to upload a photo of your car to be displayed on your Visa Card. Total fraud protection and 24/7 customer service assistance is also included.

As a Goodguys member you will also receive benefits which include a subscription to the Goodguys Gazette which is a monthly publication that includes events, articles and information, a membership card and privileges like early registration and discounts on events and access to a members only area which includes updated Good Deals and classifieds.

If you spend $50 within the first 60 days of being a cardmember, your Goodguys membership is free for a year, which is valued at $35.

Rewards: Earn 1% cash back on virtually every purchase and double points on Goodguys purchases and event registration. Points can be redeemed for unique experience opportunities, airline travel and merchandise.

Fees: No annual fee and an introductory APR of 0% for 6 months on balance transfers.

Conclusion: You will need to enter your Goodguys member number when applying for the credit card so if you don’t have one, make sure you get that first. The Goodguys Rewards Visa card is best suited for hot rod and custom car enthusiasts. If you are a member of the Goodguys Rod and Custom Association or are considering becoming a member, this is a great card to accompany your membership and earn rewards for your Goodguys purchases and events.

Review of Bicycling Magazine Rewards Card

By: Mr Credit Card

03/29/2010

Summary:

Bicycling Magazine and PartnersFirst formed a partnership creating one of the only credit cards on the market available for bicycling enthusiast, the Bicycling Magazine Rewards Visa. Read further for more information on this credit card.

Features and Benefits:

New Cardmembers will receive a $50 credit on their statement when they spend $100 on qualifying purchases within 60 days of membership. Cardholders also receive 1% cash back on all purchases or can choose to redeem points for bicycling products and services which include valuable merchandise from cycling’s leading bike and gear brands, coaching services and travel outfitters. Points can also be redeemed for things like air travel, merchandise and opportunities for special, unique experiences.

The Bicycling Magazine Rewards card is customizable. Cardholders can choose a photo of their favorite bike or ride, or any other picture that they like for the card.

Fees:

There is no annual fee for the credit card and an introductory APR on balance transfers of 0% for 6 months. Other benefits of the Golf Magazine Rewards card include fraud protection and 24/7 customer service.

Conclusion:

PartnersFirst carries a large line of niche credit cards and the Bicycling Magazine Rewards Visa card is similar to the other cards except for the focus on bicycling offers and related rewards. Bicycling enthusiasts will definitely want to look into acquiring this credit card specifically for the perks and upgrades on bicycling gear and services. If you are not a bicycling enthusiast, there is a good chance that PartnersFirst carries a credit card exclusively for whichever hobby or interest that you may have.