Getting a secured credit card is not as easy as it sounds. Frankly, it’s quite a complex job. The main complexity lies in the fact that there are hundreds of options, being offered by various credit card companies that promotes lucrative offers. Unknown to many, the offers that may look or sound extremely appealing might have a number of hidden costs behind them. On the other hand, the secured ones, which have no hidden costs, are extremely expensive and charge exorbitant fees as high as 25% of the credit limit. However, you’d be glad to know that there is one major factor that makes Wells Fargo Secured Visa Credit Card stands out from the rest. That factor is its affordable low annual fee, which is only $18. Other than that, some features or advantages of Wells Fargo Secured Visa Credit Card are listed below.

The Primary Features of Wells Fargo Credit CardWells Fargo Secured Visa Credit Card comes with a lot of advantages, and some of them are very customer-friendly. To apply for their secured credit cards, first, you have to open a collateral account with them. The deposit that you have to make can be as low as $300 and the amount of your deposit will reflect your credit limit. The funds in your account can’t be withdrawn as long as your card is secured. This will guarantee the safety of your credit card. One more advantage of this card is that you can choose any payment date that is suitable to you and you can also avail a grace period of 25 days in case any problem will occur. The email reminders that they’re sending out to customers is also another advantage that you may find really helpful when it comes to tracking your credit card activities, along with the various ways that allow you to pay your bill.The Secondary Advantages of Wells Fargo Credit CardA Wells Fargo Secured Visa Credit Card provides you with a free car rental insurance that you can use anywhere, as long as the use of Visa is permitted. This type of credit card also allows you to access your account online for free. This is a huge benefit because it would allow you to keep yourself updated regarding your transactions and you would also be able to check them instantly in case you have any doubts. Moreover, paying your fees online would also help you save a lot of traveling time. No need to worry about the security of your credit card because your account is monitored continuously for any unusual activity or fraud.Other Advantages of Wells Fargo Credit CardApart from the benefits mentioned above, a Wells Fargo Secured Visa Credit Card comes with a host of other advantages. Most importantly, the application process is not that tedious compared to the case of other credit cards. The procedure is comprehensible and the rules have no hidden meanings and hence, no hidden costs. The minimum age for applying for a Wells Fargo Secured Visa Credit Card is at least 18 years old and that applicant should not have any bankruptcy record for the last twelve months. If you fulfill the eligibility, you can easily get your very own secured credit card without any hassle. This Visa Secured Credit Card from Wells Fargo is perhaps the best secured credit card available in the market today. But of course, just like any other types of credit cards, you should use them wisely.

Southwest Corporate FCU–one of three corporate credit unions placed in conservatorship Friday–will update its member credit unions in a webinar Thursday at 3 p.m. CT. It also announced its annual Economic Forum will go on as scheduled.

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Marshall, MI, United States (AHN) – Two months after a pipe leaked and spilled oil, Enbridge Energy Partners confirmed Tuesday the “safe restart” of Line 6B service in Marshall, Michigan.

The pipeline is a 30-inch, 283,000 barrels per day line transporting light synthetics, heavy and medium crude oil from Griffith, IN, to Sarnia, Ontario, as part of the Partnership’s Lakehead System. It was shut down after a July 26 leak.

Its graduated return to service was conducted in accordance with the approved restart plan by the Pipeline and Hazardous Materials Safety Administration (PHMSA) issued Sept. 22, the company reported.

“Line 6B operating pressure was phased in gradually until it reached the approved level. Operations and conditions along Line 6B include reduced pressure, supplementary pipeline control and line monitoring,” the firm said.

During the restart process, both PHMSA and a third party will continue to monitor the line for compliance with the prescribed plan through completion of other pipeline operating activities.

“The safety of neighboring communities remains our top priority. Our commitment to complete the pipeline spill restoration continues to be our primary focus,” Enbridge Energy Partners president Terrance McGill said in a statement.

“We will be in the Marshall area as long as necessary to make sure we are meeting the requirements of local, state and federal agencies. Enbridge has been in Calhoun and Kalamazoo counties for more than 40 years and we intend to remain part of these communities for many years to come,” he added.

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A bit more fallout from the ACS:Law email leak. In the comments on our last post, cc pointed out that one of the discoveries in the leaks is that ACS:Law did not properly protect the private information of those who paid up after receiving a pre-settlement threat letter. In fact, the email leaks apparently revealed over 10k names, addresses and credit card details in some cases. Because of this, Privacy International is planning to file a lawsuit against the company , for not living up to EU privacy regulations on such information. PI is claiming that the company violated data protection laws by allowing sensitive information to be stored on a public-facing server, and not taking the “appropriate technical and organisational measures” to protect the data. Permalink | Comments | Email This Story

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London, England, United Kingdom (AHN) – Britain’s $124.5 billion (83 billion pounds) spending cuts got the support of the International Monetary Fund. Chancellor George Osborne cited Monday the fund’s statement that the coalition government’s cuts and tax increases would not be a hindrance to the United Kingdom’s economic recovery.

IMF said the British economy is on the road to recovery, unemployment has stabilized and the health of the country’s financial sector has improved.

The massive spending cuts, which range from 25 to 40 percent of budgets of government agencies, have been heavily criticized by various sectors in Britain. Several groups even planned massive strikes and civil unrest to protest the cuts.

Osborne belied claims by his predecessor, Alistair Darling, that the spending cuts were politically motivated.

The IMF, in its yearly state of the nation review of Britain, reduced its 2011 growth forecast for London to 2 percent from 2.1 percent on account of an expected damper effect of fiscal tightening on short-term growth. However, the IMF said other sectors would be the drivers of the British economy’s recovery.

The IMF said cost cutting would reduce the risk of a loss of confidence in public finances and supports a balanced recovery. The international body also recommended longer public sector wage freezes, civil service pension reform and means-testing benefits which would have minimum impact on demand, but would result to significant fiscal savings in the long-term.

Osborne pointed out that aside from IMF, the coalition’s spending cut was supported by the Organization for Economic Cooperation and Development, the European Commission, the Confederation of British Industry and the Bank of England. He stressed that if Britain would veer away from the course set by the new government, Britain would be headed back for a disaster in the form of economic instability.

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Riyadh, Saudi Arabia (TML) – Possessing a fifth of the world’s proven oil reserves, Saudi Arabia has long been synonymous with the petroleum industry, but this is not stopping the kingdom from striving to diversify its energy sources.

Renewable sources could account for up to 10 percent of Saudi Arabia’s power output by 2020, an executive from the state-owned national oil company Aramco said.

“The proposed target is between 7 to 10% of peak electricity generated by renewables by 2020,” Ahmad al-Khowaiter, director of new business evaluation department at Aramco told Reuters.

The renewable energy would most likely be solar energy, he said, and Saudi Arabia will start exporting solar energy by 2020.

Khowaiter said the “strategic move into solar,” could be achieved in 10 years time, when the economy will be in favor of employing solar power.

The kingdom is facing a rapid increase in domestic power demand and is already looking at new ways of creating energy, including nuclear power.

Earlier this year, Saudi Arabia announced the establishment of a new energy complex, in an effort to diversify its oil-based energy industry. The Riyadh-based King Abdullah City for Nuclear and Renewable Energy will be tasked with research and application of nuclear technology and will oversee all aspects of a nuclear power industry.

Saudi Arabia’s economy is oil-based, with strong government controls over major economic activities. The kingdom possesses around 20% of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum in the world.

Saudi Arabia plays a leading role in the Organization of the Petroleum Exporting Countries (OPEC) and has a petroleum sector that accounts for roughly 80% of its budget revenues, 45% of its GDP and 90% of its export earnings.

But the kingdom’s population growth and energy subsidies have increased domestic consumption of oil and gas, fueling concerns about the future of its energy economy.

“Let us give credit where it is due,” Meena Janardhan, a fellow at The Energy and Resources Institute (TERI) in Dubai told The Media Line. “This is an oil-rich region, and for countries like Saudi Arabia and the UAE to announce renewable energy commitments and initiate work towards achieving these goals, are very positive steps. It is not just economic motivation that turns the wheel in this case.”

“There is an ongoing shift in Saudi Arabia and in the region,” Dr. Theodore Karasik, director for research and development with the Dubai-based Institute of Near East and Gulf Military Analysis told The Media Line.

“It’s significant, because the UAE has taken the lead on this, and of course, the other states want to follow on this path. It’s part of the renewed interest in the environment, and the fact that they need to start moving towards the eventuality of when hydrocarbons run out. It’s 50 years away but that’s also why they’re moving towards nuclear energy. These countries have the highest carbon emissions in the world per capita and so they want to improve that,” he said.

Karasik and Janardhan agreed that the goal of making 10% of Saudi Arabia’s power output based on renewable energy by the year 2010 seemed feasible.

Regarding nuclear energy, some analysts say it is essential for meeting the kingdom’s energy needs.

“Saudi Arabia is using 15% of its oil output currently for producing electricity and desalinization of sea water, and in 10 years’ time it will be using 20% of its oil output for this purpose,” a Saudi political scientist, who asked to remain anonymous, told The Media Line. “Forty percent of the country’s population is under 14 years of age, and will in the near future build families and require more electricity and desalinized water. The petrochemical industry is requiring ever more natural gas,” he said. “Furthermore, nuclear energy costs 60% the cost of hydrocarbon resources, and the third generation [nuclear power] plants are said to be safer than their old[er] counterparts.”

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The worst thing about credit card debts is that they keep on rising very fast because of the high rate of interest involved with the same. They can ruin your financial life if you don’t take proper action at the right time. If you are now finding out a way to pay off these debts, you have probably realized that paying the minimum due does not reduce the total balance. When people lose control of their finances and debts seem to be impossible to be paid off with their current income, they usually consider availing the services of a debt consolidation company. However, it is important for you to understand that there are still several other ways to pay down your credit card debts fast. Following is a brief rundown about it.

Inform Your Credit Card Company
When debts take a horrible shape – something that you possibly cannot afford to repay and bankruptcy seems to be the only option for you, the first thing that you must do is to inform your credit card companies about the specific financial situation you are in. don’t forget to mention that you are on the verge of bankruptcy. These companies have seen so many bankruptcy cases and they are well aware of the fact that they wont be able to get even a single penny if you are declared legally as bankrupt. If they find that your situation is genuine and you are really suffering from hardship, they will try to encourage you to make payments by restructuring the debt on much favorable conditions, such as lower rates, no penalty, and other such things.

Balance Transfer
Another great way to pay off your high interest debts is to transfer the balance to a low rate credit card. It will provide you good instant relief, making things much easier for you. Credit unions probably make the best place to get a low rate credit card. If you play the balance transfer game wisely, it will dramatically help eat away at your principal balance.

Set Your Priority
If you are determined toward paying off your credit card debts, you are recommended to make a spreadsheet of describing the details of debts on each card you own. The details must include interest rates, minimum payments, balances, your credit limit, penalty charges, and other such things. This will help you set your priority. You will get to know which card you should pay off first. For example, you can start by making payments for the high rate debts, such as through transferring the balance to a low rate card. After that, you should try to make double, triple payments on other low rate debts. This will speed up the repayment process and very soon it will put your finances back on track, that too, without using any debt consolidation program.

While you are renegotiating the terms for credit card debts, you should also focus on various annual and monthly fees. Try to convince the lenders to eliminate such charges.

The Maine Credit Union League provided the credit union perspective in a feature about expanding business hours to Sunday in The Maine Sunday Telegram’s business section.

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When making an application for any credit card did you actually take into consideration that perhaps you should really use the approach that applying on the web for the credit card could possibly be essentially the most convenient option to go about it?

Though this may be the way many consumers tackle it these days, one can find even now so many persons that are determined that in fact stepping into the financial institution in question and performing the application process in person provides them the very best chance of becoming successful. Although there can be value in this method, the actuality is there’s only 1 of you to go around and for anybody who is concentrating on many credit card companies, then this is going to be a rather time consuming practice.

If you’ve had credit history complications before then it is likely that a single credit card application alone most likely will not be effective. Your probabilities will probably be better for those who use a multi-pronged approach and think of the application process being a numbers activity.

You can find five excellent explanations why producing a credit card application over the internet must be discussed.

The first thing is, the time you certainly will save. This shall be substantial for anyone who is producing several applications to many consumer credit companies. I understand that several consumers may object to this viewpoint, and it is not the same as presenting your self to a bank personally. I acknowledge that that’s a very valid arguement, however remember to contemplate, that even consulting three various loan providers and filling out their credit card application forms would probably take up a good portion of one’s day, this is not to bring up the traveling costs involved. And furthermore, you should consider that most banks and credit companies nowadays anticipate that a great volume of their support is going to be supplied by means of the web and in fact they spend huge sums of money in establishing and sustaining their internet sites for the benefit of together their customers as well as themselves.

Secondly, it is really practical. The main rationale for that is the simple fact that you simply can sit at your laptop and “basically” check out numerous credit companies in the comfort of one’s home and without having the problem regarding travelling, standing in a line, after which negotiating your route to the next bank, etc. Also as the benefits of copying and pasting the very same information and facts into numerous application forms thus saving even further time and effort.

Third, the processing for the credit application is typically significantly quicker than if you made it personally. As well as the logistics expense savings the financial institutions generate on over the internet applications often allow it to be the desired technique for numerous modern day lenders!

Fourth, you’re able to research, check out and do a comparison of quite a few diverse credit card solutions and interest rates, in the space of a few min’s, making it considerably more probable that you are going to locate a credit card solution that suits your wants and circumstances completely.

And Fifth, modern day on-line engineering enables the total credit card application procedure very secure. When dealing with trustworthy firms and internet websites the security of the private and monetary info is going to be protected (look for that “https” inside your web browser address bar, to make certain that the webpage you are browsing is safeguarded).

Once you’ve had the opportunity to study the factors, and contemplate all of them, you will recognize that a pretty good case may be crafted in favor of doing a credit card application on the net.

Give thought to this very seriously for the moment. Perhaps you actually really should make an online application in case you are currently in the market for any credit card or perhaps the like. When you examine all of the arguments and appraise them, you’ll have to acknowledge that a highly convincing scenario might be crafted for starting to give some thought to the most effective method to complete a credit card application form on the internet, and offer yourself the best chance of achieving success.

Just contemplate it. The time saving, the efficiency, the instantaneous comparison of a lot of various financial institutions and products, as well as the protected design of contemporary credit firm websites help make the task of making an application to get a credit card on the web not merely easy, but shrewd.

Your credit is bad. Perhaps you have a string of unpaid bills haunting your past. Maybe you declared bankruptcy within the past 10 years, or defaulted on a student loan.

All of the above can block your access to obtaining a major credit card, such as VISA or Mastercard.

But bad credit is not the only reason you can be denied a major credit card. Some people simply have never used credit. People who like to pay cash only, have never financed a car, taken out a college loan, or a mortgage may have zero experience with credit. In that case, most card companies will reject your application, not because you have bad credit — but because you have no credit rating.

Many women who marry young and do all their borrowing under their husband’s name often find themselves with no credit rating after they are widowed or divorced. Thousands of women have been denied loans and credit cards on that basis.

Still other people carry too much debt to be considered a good risk. If you have a car loan, a student loan, a mortgage, two or three — out cards, you are unlikely to be granted another credit card.

But in any and all of the above cases, you can still obtain a credit card. No matter how bad your credit, and even if you have declared bankruptcy, you can still be granted a VISA or Mastercard with a limit as high as $5,000, if you know the right company to call, and how to make your application.

We are going to reveal these card companies and the methods by which you can obtain a VISA or Mastercard later in this report, but first, let’s talk about some of the other things you really should know about credit cards, including annual fees, interest rates, credit reports and more.

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Your Credit Rating

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How do credit card companies decide if you are a good credit risk or a bad credit risk? Well, it’s sort of a Big Brother thing. There are several large agencies in America which track the borrowing and buying behavior of just about every single American who has borrowed money at one time or another.

The four major credit rating agencies are:

CSC Credit Service :: (Phone: 800-392-7816)

TRW Information Sys. :: (Phone: 800-392-1122)

Equifax :: (Phone: 800-685-1111)

Trans Union Corp. :: (Phone: 800-851-2674)

When you send in an application for a credit card, the card company contacts one of the above agencies, which pulls your file, if one exists, and let’s the company know if you have any bad debts in your background.

If you have never borrowed money or used credit of any kind, your name will not appear in the data base of any of the above. If you have, there will almost certainly be information about you. If you have ever defaulted on a bill, or walked away from a debt owed, that information will be available. If you have never defaulted on a loan, but have made frequent late payments, that is recorded, too, and goes against your credit rating.

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25 Percent Error Rate

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If this sounds a bit like Big Brother, most would agree with you that it is. It’s scary to think that some large anonymous corporation is keeping a file on you, but it’s true. Furthermore, they will share your file with any lending institution that wants to know something about you. That’s the price you pay to obtain credit. You’ve heard the statement, “there ain’t no such thing as a free lunch.”

When it comes to the game of credit, the lunch is definitely not free, neither in the monetary sense, or in the realm of personal freedom.

To top things off, credit agencies make errors in as many as one-fourth (25 percent) of all their reports. At this minute, false information about you may be ruining your credit rating.

To check your credit rating for errors, call the agencies at the numbers I provided above. They will request that you send them a written letter asking for a copy of your credit report. They will send you a copy of the information they have about you.

Now let’s look at how card companies make the big bucks — interest rates.

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Interest Rates

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A few decades ago there were laws against charging the kinds of interest rates credit cards get today. Exorbitantly high interest rates were called “usury,” and were forbidden by federal law. Just 30 years ago loaning money at 20 percent would have landed any banker in prison. Such rates were the territory of loan sharks and organized crime.

Today, however, it’s standard business. Some cards have rates approaching 21 percent. Some product manufacturers, such as Apple Computer, have credit plans that push a whopping 23 percent.

Most credit card companies attract customers with super low interest rates, sometimes as easy as 5 percent. But what they only tell you in the fine print, which few people bother to read, it that the interest rate jumps back up after six months. Many cards that start you out at 6 percent soon jump to 18 percent, or higher. By that time, most people have chalked up a balance and are stuck. Most people simply fail to notice when their rate increases. Credit card companies count on that. They like who take no interest in details. If you don’t watch them, they’ll watch you — and your wallet — and dip into it in the most insidious ways.

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No Annual Fee Cards

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Some credit card companies charge no annual fee for use of their card. Annual fees range from $18 to $55. You pay it every year simply for the privilege of using the card. Other companies charge no annual fee. You might think, then, that this is a better deal. Most often they are not. Cards with no annual fee almost always have a higher interest rate. If you leave a monthly balance, you’ll always pay more than the annual fee in interest charges. Only if you never leave an unpaid monthly balance can you benefit form a card with no annual fee.

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Perks and Freebies

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One of those insidious ways is the offer such perks as frequent flier miles or annual rebates. Use the card so often, and get X amount of frequent flier miles. Use your card, and get credit toward the purchase of an automobile. Is this a good deal? Hardly ever. As you might have guessed, the offer of rebates and gifts is simply an inducement for you to pay super high interest rates. Unless you are a big spender and travel a lot, you’ll rarely benefit from this kind of promotion.

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Be Choosy

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In short, never sign up for a credit card until you compare rates. Shop around. Credit card companies are just as competitive as any other kind of business. That means interest rates that vary widely. In general, never go for a card that is five percent higher than the current prime rate.

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How To Get A Lower Rate

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What if you are already on the hook with a major credit card with an agonizing rate of interest? Pick up the phone, call your card company, and get tough. Often, if you ask for a lower interest rate, you’ll get one — it’s as simple as that.

As further incentive, you can threaten to transfer your balance to another card company with a lower rate. Many card companies are more than willing to take you on as a customer by paying off one of their competitors for you. Of course, you are then beholden to them. That’s okay if you score a lower interest rate.

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How Anyone Can Get a Credit Card

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Now what about all of you “hopeless cases” out there. What if you have deplorable credit, or no credit rating at all. You may have already been turned down by a half-dozen card companies. What can you do?

First, you should think long and hard about why you want a credit card in the first place. If you have a history of bad credit, a credit card may be the last thing you need. Many people feel that credit cards and the debt they lead people into is a modern form of slavery.

Credit cards are almost magically deceptive and alluring. They get at the deepest psychological lever of the human mind — a lever which allows people to have the feeling they are getting something for free, when in fact, they are paying two, three, four, even ten times as much for that product because of the interest they will pay on each purchase.

On the other hand, not having a credit card is becoming less and less practical in modern America. You can’t rent a car without a credit card. Carrying cash is dangerous. Checks are not accepted everywhere — and traveling to another city or country is extremely difficult without the confidence and identity a credit card brings.

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A Secured Card

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If you decide you really need and want a credit card despite your past problems with credit, you should get what is called a secured credit card. Even people who have declared bankruptcy are granted secured cards.

A secured card works this way: you pay a lump sum of cash upfront either to your bank or the card company itself, usually from $200 to $2,500. The card company will then grant your credit for up to 150 percent of the amount of your deposit. If you pony up $500, you will be granted a $750 credit line. If you put up $1,000, you will get $1,500 in credit, and so on.

Your deposit money will earn a very nice 4 to 5 percent interest while it is held as collateral by your bank or the card company. The deposit money acts like a buffer for the lender. In the event you default on your card debt, the lender gets to keep your money. They may still incur a net loss, but the risk is far less.

Additionally, the interest you gain on your deposit will offset the interest on your monthly balance if you have one. If you get a secured card with an 18 percent interest rate, you can feel good about the fact that your pre-payment is earning 5 percent.

Which card companies offer secured credit card plans?

The following:

(At the time of writing, these details are correct. If they change by any chance, you’ll have to look up the institutions in the Yellow Pages, or simply do a search online.)

CitiBank — Minimum deposit is $300, which earns 4%.

Call: 800-933-2484

Federal Savings Bank — Minimum deposit is $250, which earn 2.5%.

Call 800-285-9090

Orchard Bank — Minimum deposit is $400, which pays 4%

Call 800-873-7307

Key Federal — Minimum deposit is $300, which earns from 4% to 5%.

Call 800-228-2230

Signet Bank — Minimum deposit is $200, which earns 5%.

Call 800-333-7116.

Using a secured credit card can also help repair your credit rating if you use it responsibly over a number of years.

Even if you do not have bad credit, a secured credit card is recommended for anyone who wants the safety and convenience of a credit card. Secured cards are a safe, responsible way to control your spending, and you actually earn money though interest on your deposit while you enjoy the use of your card.

Author: Andre Vas
Article Source: EzineArticles.com
Creditcard Currency Conversion Fee