Credit Report Monitoring Services Guide
Here at Online Banks, we know that one of the most important aspects of financial life today is protecting yourself from fraud and identity theft. Many are using, or are interested in using, credit report monitoring services. Some want only the credit report monitoring while others want identity theft protection as well.
In this game, there are four major players now: Identity Guard (self-owned), Protect My ID (Experian), ID Patrol (Equifax), and Equifax w/ Score Power. The last two are the same company with two separate offers – Score Power offers credit score simulation on its reports whereas ID Patrol does not.
Looking at each of these, we can compare their offers. Identity Guard and Equifax Score Power are the only two credit monitoring services of the four that include a credit score simulation. Score Power does so on every report while Identity Guard does so every 3 months (quarterly).
Protect My ID and ID Patrol do not include this. All four companies offer daily credit bureau monitoring (with all 3 bureaus), $1 million in insurance coverage for fraud theft, and cover lost wages and fraud resolution assistance. All but Equifax Score Power also monitor the Internet’s black market.
Identity Guard includes a subscription to Zone Alarm Internet Security Suite and both Identity Guard and Protect My ID have lost wallet protection services where one phone call closes all your accounts.
Of the four, all offer good protection and two give access to your credit score. For credit score access, your credit monitoring services will run about $15 per month. Without this service included, expect to pay $9-$14 per month.
American Express Gold Card Review
Today at Online Banks, we’re going to look at another credit card, though the American Express Gold Card is really a charge card in that you’re expected to pay off the balance every month. It is, however, the (literal and figurative) gold standard in credit cards.
No Pre-Set Spending Limit
Obviously this could be a double edged sword if you are not careful but the benefit is there none the less to say “yes” and with a very few limitations you can charge what you want. Remember that at American Express the full balance is due each month and sure there are some limitations and restrictions.
If you choose to carry a balance, the interest rate is 17 to 19%.
Other Benefits
This credit card offers insurance on new purchases as well as extended warranty benefits. Roadside emergency assistance, rental insurance, baggage insurance and other privileges like check cashing all come with your membership. Members can often get premium seats at sporting events, concerts and other venues and there are sometimes discounts available for members too.
Rewards Program
The AmEx Gold Card is best known for its rewards programs. Like many other credit cards, AE Gold offers rewards through accumulated points based on spending. The rewards points can be used for travel and entertainment packages and more.
The American Express Gold is popular amongst those with good credit ratings and who can afford to reap the great rewards that come with that.
Discover Motiva Credit Card Review
Today, we here at Online Banks are continuing our look at credit card offers around North America. Today, we’re considering the Discover Motiva card.
In addition to the features offered by the More Card, the Discover Motiva credit card will give cardholders a cash bonus if minimum bills are paid for six consecutive months. The bonus is a credit for the finance charges the following month after six consecutive of on time monthly payments. So essentially twice a year, you can earn a pay-on-time bonus and get back two months of finance charges.
In addition to the interest refund, the Discover Motiva card is a tiered cash back Discover card. You can potentially earn up to 2% rebate. This works by using your annual expenditure. For the first $1,500 in annual expenditure, you earn 0.25%. For the next $1,500 in annual expenditure (ie $1,500 to $3,000), you earn 0.50% rebate. Once your annual expenditures exceed $3,000, you earn 1% rebate. You can earn unlimited rebates which do not expire.
Cardholders can also get discounts (5% to 20%) on shop discover online.
The other great feature of the Discover Motiva credit card is that you can earn up to double the value of the cash rebates you have earned by exchanging them for the 60+ merchant partners gift certificate. That means that a $20.00 rebate can turn into a $40.00 gift certificate.
This is a very good Discover card with rates of between 11.99% and 20.99% APR, depending on your credit rating.
Citi Platinum Select Mastercard Review
For the next few days here at Online Banks, we’re going to look at credit card offers from various institutions. Today, we’ll begin with the Citi Platinum Select Mastercard.
The Citi Platinum Select MC is a great credit card for those looking for a no-frills card with a low APR and a 0% on purchase deal. The Citi Platinum Select Mastercard has no annual fee. The APR that you will be charged depends on your credit and could be between 11.99% to 19.99% (variable rate). Citibank uses the average daily balance (including new purchases) to calculate monthly balance. New Citi MC holders get a 0% Intro APR* offer for balance transfers for 21 months and 0% Intro APR* on purchases for 12 months. Thereafter, the APR is between 11.99% and 19.99% (variable) depending on your credit worthiness.
The Citi MC has a reward program called the Extra Cash program. This is not highly publicized by Citi but for some folks, it is actually quite a good one. You get to earn 10 extra cash points for every dollar that you spend on the card. These points are valid for 2 years. However, unlike regular programs where you can redeem points for stuff for free, this program only gives you discounts on certain things. But, there are some gems here. There are rewards for airline tickets for international airline tickets and flights. Hence, the reward program will give discounts on the airline tickets if you fly international.
Citi Platinum Select Mastercard holders also get benefits like Citi Identity Theft Solutions, $0 Liability on unauthorized purchases and secure, free online account management.
National Bank Online
Continuing with our look at Canadian banks, today at Online Banks Blog, we’re going to look at another of the largest banks in Canada: The National Bank of Canada.
Based in Montreal, National Bank is also known as Banque Nationale du Canada. With branches in every province, they are now also online with the National Bank of Canada online website and electronic banking system.
Clients using the National Bank online banking system can see their statements and balances on various accounts (including bank accounts, Mastercard, line of credit, and more), pay their bills and see bill statements online (including scheduling bills payments in advance), transfer money between their own accounts and credit lines, send money to other people using Interac e-mail transfers, apply for a credit line increase, change personal information, make investments (mutual funds and RRSP), and more.
The online banking with National Bank is seamless and easy to use and understand.
Most users, when trolling online forums, seem to be happy with the National Bank online system though some do complain about in-branch services (or lack thereof) in some areas.
For those interested in a truly hassle-free online account with easy access internationally as well as branch locations all over Canada, then National Bank of Canada is probably your choice.
Scotia Online Banking
Today at Online Banks Blog, we’re looking at another favorite bank in Canada. The Bank of Novia Scotia, called Scotia Bank, is one of the largest banks in the provinces.
The Scotia online banking site is well set up. A very well laid out home page with the logo on top and a search option with some quick links above it. Right below is a header displaying some good pictures with a graphic in middle showing the 175 years completion of operations.
Below the header is a tabled horizontal navigation for getting around online banking at Scotia. The main section lists a banner on top with some quick links to day to day banking, borrowing and investing below. The left panel lists the online services at the top followed by personal services, a drop down for quick links plus some market indices. The right panel displays the current rates on mutual funds on top with some links to services outside Canada below.
One of the best features of Scotia online banking is the ability to send and receive money from any other Canadian bank via Interac Online, which is very convenient.
Most banking services can be done online through the online banking at Scotia including applications for some loans or overdraft needs.
All in all, Scotia online banking is very convenient and easy to use.
Vancity Online Banking
Vancity is one of the largest credit unions in Canada, being based in British Columbia. It is known for its social and environmental contributions. Only recently has the Vancity electronic banking system become modernized and close to on par with major national banks.
Vancity online banking clients can view account activity, pay their bills, transfer money to other accounts and people, make or schedule bill, credit card, and mortgage payments, stop cheques from clearing, change personal information or address, re-order cheques, and download account statements in formats suitable for money management software suits such as Microsoft Money.
As for the sophisticated features, through Vancity online banking system it’s possible to purchase term deposits (GICs) online and send account related inquiries directly to the bank, which is a nice touch. And the online banking at Vancity now offers mobile online banking for cellphones and handheld devices.
Some complaints, however, should be noted. Many who have a credit card through Vancity will be surprised to note that they cannot view that account via their Vancity electronic banking login, but must use the VISA card system instead. This makes it impossible to transfer money to make payments.
Most customers of Vancity, though, are more interested in the credit union’s personal touch and friendliness than they are having all of the latest whizzbangs on their Vancity online baking service.
Abbey National Online Banking
This bank was one of the largest banks in the United Kingdom with a history spanning nearly two centuries. In 2004, it was absorbed by Santander, an international banking chain based in Spain, with much rejoice from many Abbey customers due to the mismanagement of the bank by its ownership before the merger.
Santander not only closed the call centres opened in India for Abbey and moved them back to the UK, but they also re-opened several of the closed Abbey Bank branch offices. Since then, Santander has also ended the Abbey Bank name, changing all branches to the Santander moniker.
Regardless, many customers still refer to the bank as Abbey or Abbey National and their Abbey online banking services are also using both the Abbey and Santander name.
Abbey National online banking services are what all customers of an international bank the size of Santander would expect. Account balances, transfers, exchanges, and so forth are all possible through the online banking at Abbey National.
In fact, because of the international reach of its new ownership, Abbey National online banking is now truly world wide with services in the U.S., Canada, throughout Europe, and more. This makes it especially convenient and useful for the international traveler or business person.
American Express Blue Cash Rewards Card
Looking at another great offer, we here at Online Banks wanted to show you the good and the bad with the American Express Blue Cash Rewards program.
At present, the AmEx Blue Cash card pays the highest rebate on everyday purchases like supermarket, gasoline and drugstore purchases (see screen shot below). While other cards have reduced their cash back payout due to the financial crisis, this card has more or less kept its rewards intact. The rewards are as high as 5% cash back.
There has to be a catch, right? Yes, there is, but fortunately it’s not a problem for most people. Here it is – in order to receive 5% on gas/groceries/drugstores, and 1.5% on all other purchases, you first need to spend at least $6,500 per calender year. For the first $6,500 spent, you will still be getting 1% on gas/groceries/drugstores and 1/2% on everything else. The good news is that most of us spend thsi much anyway, so if you use your AmEx Blue Cash Rewards card for all of your gas, grocery, and drug purchases, you’ll meet the criteria to get the bonus.
To break this down, if you spend $100 on groceries, $65 on gas, and $30 at the drug store on your AmEx Blue Cash Rewards card monthly, you would receive just over $500 back at the end of the year.
That’s a substantial amount of savings. Other bonuses to the AmEx Blue Cash card include Purhcase Protection, Return Protection, and a Buyer’s Assurance Plan. There’s no annual fee either.
So the American Express Blue Cash Rewards card is definitely worth checking into.
Sallie Mae Online Savings Account 1.40% APY
Today at Online Banks, we have some exciting news. A couple of years ago, a 1.40% annual percentage yield on a high interest savings account would not have been very exciting. In today’s market? It’s news.
With this Salllie Mae 1.40% APY offer, Sallie Mae is in the top 2% of all banks nationally. Their nearest competitor for this rate is ING at 1.10%.
Sallie Mae offers a very basic, simple and easy to sign-up online savings account that currently sports a 1.40% APY. Funding and withdrawals are made with the touch of a button and one of the cool features that the Sallie Mae Online Savings ACcount offers is a 10% Upromise match.
Anyone familiar with Upromise knows that it’s a way to save for your child’s education and if you currently have a Upromise account, you can set up a Sallie Mae online savings account and have an additional 10% of your annual Upromise earnings deposited directly into your account.
Upromise is a program pays you back a certain percentage of every purchase you make on name brand merchandise. As long as the merchant is part of the Upromise program, you will slowly and steadily increase your balance – over the course of 10 to 15 years this can become pretty substantial. Now, with your Sallie Mae online savings account, you can earn an additional 10% each and every year, making it a must have if you work hard at building your child’s education through Upromise.
In order to take advantage of the Upromise bonus, you must either initially fund your Sallie Mae account with $5,000 or set up an automatic monthly deposit of at least $25 within 90 days of opening your SallieMae online savings account.
Along with the Sallie Mae 1.40% APY, this offer is hard to beat.
