Posts Tagged ‘credit cards’

From New York to Seattle to Santa Monica, “Private Practice’s” Addison has certainly traipsed across the continent in the past few years. When Addison Montgomery was first introduced to America, she was Derek Shepherd’s wife, tracking him to Seattle during a messy separation. In “Private Practice,” Addison has taken Santa Monica by storm and attempted to get her personal and professional life back in order. But is one of the world’s foremost neo-natal surgeons really able to keep up with the expense of living in Santa Monica, California? Even if she comes in with no credit card debt, you might be surprised to learn the truth.

Who is Addison Montgomery?

According to ABC, “Private Practice’s” Addison is a renowned neonatal surgeon and “board-certified OB/GYN, having completed fellowships in maternal-fetal medicine and medical genetics.” She moved to Santa Monica, California, in 2007, from Manhattan, by way of Seattle, where she ran a top-class NICU and was a star surgeon at Seattle Grace and in “Grey’s Anatomy.” According to Allied Physicians, neonatal medicine roughly brings in between $286,000 and $381,000 depending on the experience level of the doctor. In Addison’s case, and since she is regularly referred to on both “Grey’s Anatomy” and “Private Practice” as one of the top neonatal surgeons, it’s logical to assume that she makes approximately $300,000 to $350,000 a year. There’s never been any indication during “Grey’s Anatomy” or “Private Practice” that Addison has any debt, credit card or otherwise, and it appears that she is doing well for herself financially

What’s the Cost of Living in Santa Monica?

Santa Monica, the setting for the private practice that Addison works at, is one of the more expensive areas in the United States to settle in. According to Salary.com’s Cost of Living Calculator, the cost of living in nearby Los Angeles is 24.3 percent higher than in Seattle. So even for Addison, a skilled and renowned surgeon, it’s evident that she would have been making a bit less money after a move to California from Seattle.

In addition to the fact that Addison would be making a slightly smaller salary (also relative to the smaller workload she incurs at a small practice), Santa Monica’s home prices are considerably more than those in Washington. According to Yahoo Real Estate, the median home value in Santa Monica is $1,653,381. Remembering that Addison owns a large and beautiful home on the water, it’s reasonable to assume that her home probably cost in the vicinity of $2,000,000, and potentially more.

Could Addison Swing It?

Though it might seem like Addison is good to go, in fact, she’d be hard pressed to make it work while still saving money for retirement and expenses. Typically, you should spend no more than one-third of your gross salary on your mortgage. So, if Addison is making $350,000 a year, she wouldn’t want to spend more than $116,666 a year on her mortgage, which is approximately $9,722 a month. However, the Mortgage Calc calculator estimates that a home of $2,000,000 with a 30-year mortgage and a 5.75-percent interest rate would cost Addison approximately $11,671 a month. Even if she had money to put down on the house, it could be a tight squeeze for her to live and spend at will in posh Santa Monica society without the use of credit cards. Add in fancy parties, clothes, shoes and handbags, all of which seem to simply appear for Addison, and it’s pretty obvious that she’s either using a credit card or you’re watching television.

Even doctors and surgeons don’t have it easy these days. Before we’ve even talked about malpractice insurance and health insurance companies, a doctor making $350,000 might be hard pressed to keep up with the Joneses in a well-to-do part of town. Even a doctor making a decent wage might not be able to live up to television’s standards. Watch Addison’s spending and lifestyle on “Private Practice” with a grain of salt - even the best credit cards in her wallet might be getting more of a workout than it appears.

Kelly Herdrich

Holiday shoppers need to watch out this year for yet another red flag that might indicate fraud. Gift cards purchased with stolen credit cards have been sold online as a tool for money laundering.

Picture this: Your credit cards are stolen. The thief then uses your credit cards to purchase gift cards from Wal-Mart, Target or any other store. He doesn’t want to actually use those gift cards because they might have been flagged as fraudulently purchased, so he sells them on eBay or Craigslist or any other Web site for a discount off the actual face value of the cards.

Consumers think that they’ve found a hot deal when they purchase a few gift cards at 50 percent of their value, but are shocked to discover that the cards are useless. The original card holder has reported his credit cards stolen, which has subsequently flagged the gift cards. If you fall into this trap, you’ve just put money in a scam artist’s pocket.

The beauty of this scam is that regular consumers with no thought of deception sell gift cards every day. They receive cards from stores where they are unlikely to shop, so rather than letting them go to waste, they sell them at a discount online so they at least walk away with some money they can use. So how can you tell the scam artists from people who just received gifts they didn’t want?

A big red flag is the sale of numerous gift cards at once or over a short period of time. This is a serious indicator that the seller is using stolen credit cards to fund his sales, and you should at least consider that he might be into money laundering. Check out the seller’s past history if you’re using an auction Web site such as eBay, and stay clear of him if most of the previous sales have been gift cards.

Money laundering might also be afoot if you find gift cards for sale that are significantly discounted. Since the seller is using stolen credit cards, he wants to dump the gift cards as quickly as possible. To facilitate the sales, he might mark them down by as much as 75 percent; why would a legitimate seller take that much of a hit?

This holiday season, you might be better off paying full price for gift cards at individual retailers rather than purchasing them online. Stolen credit cards are a serious problem in this day and age, and you don’t want to help money-laundering scam artists — even unwittingly — to line their pockets.

See also: Online Resale of Gift Cards Raises Fraud Alarms, ABC News

Steve Thompson

To further their careers and increase their paychecks, some people go back to school for advanced degrees or work overtime in the hopes of earning a promotion. A higher salary means additional disposable income and prestigious platinum level credit cards that offer better rewards.

Former U.S. Marshall Jack Carter, the everyman hero on the television series “Eureka,” got his promotion purely by accident. An unplanned detour into a small town led to a new job, a higher salary and more spending power.

Running Off the Road into “Eureka”

In addition to their other duties, Federal Marshalls apprehend fugitives and transport prisoners, which Carter did in the very first episode of the series. Unfortunately, the young woman in his custody was none other than his rebellious daughter Zoe, who had run away from home.

While arguing with his child, Carter ran off the road and damaged his vehicle. He and Zoe then walked to the nearest town, a picturesque place in the Pacific Northwest called Eureka. Marshall Carter hoped to simply get his car repaired and take Zoe back home where she belonged.

During his stay, Carter discovered that Eureka actually contains some of the most brilliant scientific minds on the planet who develop new and innovative devices. With so much experimental technology, this town does, however, have one of the highest mortality rates in the country plus several government overseers.

From Federal Marshall to Eureka’s Sheriff

Though he may seem clueless at times, Jack Carter actually is quite good at his job, so good in fact that he ends up becoming Eureka’s new sheriff. This was a promotion from his Federal Marshall position that came with an increase in pay and pretty decent health benefits.

According to the Masters in Criminal Justice Web site, entry level Deputy Marshalls (GS-082-5) bring home between $36,658 and $41,260 each year and qualify for pension benefits. More experienced Marshalls (GS-082-7) can expect to earn as much as $46,969, but Carter’s gross income for his new job should be somewhere in the $50,000 to $60,000 range plus hazardous duty pay.

The Homeless Marshall

After taking his new position, Carter had to move from Los Angeles to Eureka, but there was no place for him to stay except for his office. Douglas Fargo, one of the local scientists, eventually let the new sheriff live in a prototype “smart house” guided by an artificial intelligence named SARAH. In exchange for testing the house and SARAH, Carter gets to stay there rent free.

What’s in Jack’s Wallet?

Despite his unusual job, Jack Carter is, at heart, a man who enjoys simple things like beer and baseball. He most likely has arranged to have his government paycheck deposited directly into his bank account, which he accesses with a debit card to purchase his favorite snacks, food and beverages.

In addition to groceries, Jack does take several meals at the Café Diem, the local Eureka eatery where Vincent, the head chef, can make just about any dish imaginable. Carter favors basic meals, though, like cheeseburgers and fries, which means he spends about $8 for lunch. The coffee always is free, however. It’s highly likely that Sheriff Carter also carries several credit cards to pay for his dry cleaning and other basic purchases required for his job.

The Out-of-Work Sheriff

The latest episode of “Eureka” ended with Carter losing his job as the town sheriff. Because Eureka is a government facility, Jack will have to leave town and return to his old job in Los Angeles. Unfortunately, he’ll lose the additional pay that the sheriff’s job gave him, which may have a detrimental effect on his credit rating and spending power.

There’s no denying the fact that Bruce Banner has a dirty little secret, but how clean are the Hulk’s finances? Would one look at all the statements for his credit cards cause this green giant to see red? Let’s take a closer look at how Bruce Banner lives and if credit cards are really a necessity.

First of all, Bruce Banner is always on the move. This means that he doesn’t have a steady job. Unfortunately, these episodes also destroy Bruce Banner’s outfits. Even if Bruce Banner only experiences one episode a week, he’s charging at least $2,600 worth of clothes a year to his credit cards, and that’s if he’s a frugal shopper—$50 per outfit.

Next, let’s consider housing. Most landlords require at least a $300 deposit, plus the first month’s rent up front. If Bruce Banner arrives in a new town every other week, he’s spending $14,300 on rent. Of course, this low price is based on finding one-room apartments that cost $250 a month.

We’re up to $16,900 and we haven’t even considered food and other essentials, which would cost around $10,400 a year. Even if Bruce Banner could find high paying jobs, which he rarely does, he never sticks around for long. This means he probably leaves many of his paychecks behind.

With so many financial hurdles to jump, Bruce Banner is unlikely to live comfortably. Fortunately his intellect and creativity has served him well thus far. As useful as a credit card would be, it’s only a short term solution: No issuer is likely to give a fugitive a large credit limit. After years of being on the run, Bruce Banner’s credit has been smashed by The Hulk.

Amy Brantley

Credit card kiting is one of the only ways some people see to keep their heads above water.

Similar to check kiting, credit card kiting involves using cash advances from one credit card to pay the monthly minimums on other cards. The debt doesn’t go away; it’s just transferred in a roundabout fashion. It can wreak havoc on your finances, but some don’t see any other way around their bills.

Credit card kiting is a bad idea for a number of reasons, not the least of which being that interest rates are usually much higher on cash advances than on regular purchases. You might be tempted by the pristine courtesy checks you receive in the mail from the credit card companies, but don’t fall for this trap.

Additionally, credit card kiting can lead to investigations by your bank or credit union. Although not necessarily illegal (depending on how you do it), there is legal precident that has labeled it ”nondischargeable”. Also, credit card kiting looks like suspicious activity and could lead a financial institution to believe you are laundering money. This is especially true if you engage in credit card kiting by initiating balance transfers with two credit cards from the same issuer.

“…debtor’s intent to deceive can be inferred from fact that cash advances were used to make minimum payments on other credit cards…”

See 5-19.3.5.1 Remedy: Nondischargeability

Most people don’t have the best of excuses to explain their kiting practices, and this can lead to increasingly worse offenses that could damage your credit and financial stability for the foreseeable future. Most financial experts caution against balance transfers and using courtesy checks in general, but credit card kiting is another animal entirely.

So what should you do in this situation? Rather than credit card kiting, try to live without credit card balance transfers. Design a budget that encourages you to live within your means. Get rid of your debts and any unnecessary expenses.

As soon as you consider credit card kiting to solve your financial woes, you should realize that you’re likely in a financial rut. You need to take steps to permanently improve your situation. At best, credit card kiting is only a temporary fix; at worst, it will further worsens your situation. It is important to leverage your strengths in your favor rather than resorting to less-than-honest behavior like credit card kiting.

Steve Thompson

Using a credit card for access to an Internet pornography site is perfectly legal as long as the content available for viewing is also legal. Still, Internet porn sites regularly use electronic money services, some of which are more professional than others, to accept their credit cards, rather than accepting payments directly. Some of these electronic money services make it extremely difficult to cancel membership at Internet porn sites, while other more secure payment systems (such as CCBill or Epoch) make it relatively fast and easy. Here is some information consumers should know before using a credit or debit card to purchase access to an Internet pornography site.

Beware the “Free Trial”

Some Internet pornography sites offer a free or inexpensive trial period, which usually lasts a few days. To take advantage of this offer, consumers must enter their credit card information. In the terms of service fine print the company states that upon the termination of the free (or inexpensive) trial period, the credit or debit card will be charged a monthly subscription fee. The monthly subscription fee is usually much higher than any fee paid for the trial period. To avoid paying the monthly subscription fee you must cancel your membership before the trial period expires. If the consumer forgets or cannot cancel the subscription within the free trial period, he will be charged heftily for the following month and any months that follow until the customer cancels his subscription.

Remember Your Contract Agreements

The consumer should always be aware that he is entering into a contract when purchasing access to an Internet porn site. That contract may provide for “recurring” monthly, quarterly or annual subscription charges. Unless the consumer cancels his subscription, his credit card or debit card will be repeatedly charged, regardless of whether he continues to access the Internet porn site.

Work Hard to Cancel Your Subscription

Canceling a subscription to an Internet porn site can prove difficult. Most Internet porn sites require the consumer to cancel his subscription at the electronic money service’s site rather than at the porn site itself. The porn site may offer insufficient information about how to cancel a subscription, which may frustrate a user into neglecting to cancel the subscription. Some frustrated customers ultimately cancel their credit or debit cards just to keep from being repeatedly charged.

“One company required user names and passwords and account numbers to cancel. I didn’t take down any of this information or save my emails when I signed up, so after a few months of trying to cancel my subscription, I finally just gave up and canceled my credit card,” says ‘John,’ an Internet porn consumer.

John is not alone. That’s why it’s important for any prospective consumer to adequately review the terms of service contract before purchasing access to an Internet pornography site. Specifically, the consumer should educate himself on (1) whether a subscription requires a one-time fee or a recurring fee; (2) how often and how much a subscriber will be charged; and (3) what needs to be done to cancel a subscription.

Jack Oceano

Washington state is home to such noteworthy companies as Starbucks and Microsoft. Yet, if Dr. Frasier Crane is any indication, the people making the really big money in the Pacific Northwest are working in radio psychiatry. Although no new episodes have been broadcast since May of 2004, the good doctor and his finances are still available through syndication and DVD.

From Beantown to the Emerald City

In 1984, the popular television comedy “Cheers” introduced psychiatrist Frasier Crane as Diane Chambers’ therapist and boyfriend. Dr. Crane, as played by Kelsey Grammer, was a fussy intellectual who became an integral part of the barfly collection at a local Boston bar.

“Cheers” closed its doors in 1993, but Crane, after a very messy divorce from his icy wife Lilith, pulled up stakes and made the move to his own series. “Frasier” was set in Seattle, also affectionately known as “The Emerald City.” Giving up private practice for show business, Frasier became an online personality at radio station KACL, doling out advice to troubled callers between commercials.

Deep Pockets and Huge Credit Lines

After settling in Washington state, Dr. Crane purchased a condo in the Elliott Bay Towers, a fictional building that’s located in a very desirable part of Seattle. A Century 21 Web site lists a comparable, real-life condo in the Emerald City with 3 bedrooms for the princely sum of $610,000.

If the good doctor plunked down $10,000 on his new pad and took out a 30-year mortgage with a fixed interest rate of 6.5 percent for the remaining balance, he would pay approximately $4,667 each month for that gorgeous view of the Seattle skyline. That’s not counting the monthly condo maintenance fees, which should bring his payment to over 5 grand, plus taxes and insurance.

Each week, Dr. Crane also was in search of some new piece of furniture or artwork by a famous sculptor or painter. It’s safe to assume that the radio shrink carries more than one platinum credit card, each with a pretty hefty credit line.

A Live-in Therapist, Housekeeper and Psychic

For the bulk of the series, Frasier shared his luxurious condo with his father Martin, a police officer who retired from active duty after taking a bullet in the hip. Dr. Crane reluctantly allowed his dad to move in with him and hired Daphne Moon, a physical therapist and self-proclaimed psychic, to help with Martin’s recovery.

Estimating that Daphne receives about $400 per week for her services plus room, board and paid vacations, Dr. Crane shelled out between $20,000-$25,000 per year for her salary. Depending on how good KACL’s insurance coverage was, Daphne was a significant, but rather attractive, expense.

Beluga, Beethoven and Ballantine

While his father loved nothing more than a cold can of Ballantine beer, Frasier and his brother Niles had very cultured palates. The Crane brothers favored fine wines, exquisite cuisine, and even shelled out $40 an ounce for good Beluga caviar in one notable episode.

Each day, Frasier and Niles met at least once at the Cafe Nervosa, a local coffee bar, for a caffeinated beverage plus a muffin or biscotti. These daily coffee talks cost approximately $10 per session, which is a staggering $3,650 in a year’s time, not counting the times that Frasier bought coffee for his producer Roz Doyle.

With his love of good food, wine and coffee, Dr. Crane gave his credit cards a workout at the upscale food emporiums in his neighborhood. Based on his eating habits, Daphne most likely purchased at least $500 worth of food for the household each week.

With a hefty mortgage, live-in help and premium food, Dr. Crane needed an annual salary of around $250,000 to avoid slipping into serious debt. That’s not a bad paycheck for someone who works only a few hours per day at an AM radio station and has plenty of time for coffee breaks.

Steven Bryan

First and foremost: It’s illegal to gamble online in the United States. Those interested in gambling online should take the time to familiarize themselves with the legalities related to Internet gambling, and the rules followed by the Internet gambling sites they plan to patronize. Such sites often use loopholes in the law (or violate the law altogether) to allow gamblers in countries with tough laws to fund their bets. Here is some basic information on the laws concerning Internet gambling, and how some Web sites get around them.

The quickest and easiest way to fund an account on an Internet gambling site is by using a credit card or debit card. In fact, many Internet gambling sites reward customers who use a major credit card such as MasterCard or Visa to fund their accounts with bonuses of, say, 20 percent of their deposit. While European gamblers typically experience little trouble with this method, U.S. gamblers often find themselves out of luck because of the Unlawful Internet Gambling Enforcement Act of 2006 that pressures banks into prohibiting the use of their credit and debit cards for Internet gambling purposes. (This law prohibits the transfer of funds from a financial institution to an Internet gambling site, with some notable exceptions, e.g., horse racing, fantasy sports and online lotteries.)

Some Internet gambling sites use electronic money services to get around this dimple. A U.S. bank that does not allow money to be transferred directly to an Internet gambling site may very well allow money to be transferred to a third-party electronic money service, which takes a percentage and then feeds the funds to the Internet gambling site. Many of the most popular electronic money services have ceased serving U.S. residents.

By now, however, someone would have figured out a loophole, but the complex and ever-changing laws concerning Internet gambling are keeping U.S. residents from risking it. Although federal laws do not prohibit Internet gambling on games of chance, some states have specific laws prohibiting Internet gambling of any kind, including poker, chess and bridge.

Perhaps the most notorious example of Internet gambling gone wrong is the case of BetOnSports.com. That company settled a multibillion-dollar civil lawsuit after criminal racketeering charges were brought against the company and several employees, including its founder Gary Kaplan and former CEO David Carruthers. Many BetOnSports’ customers assets were frozen in the United States while the government wrangled with the company in court.

Other Internet gambling customers have lost their funds when Web sites suddenly went belly-up. Those who engage in or wish to engage in Internet gambling should do their research. Although there are no easy answers in the world of Internet gambling, researching state and local laws, as well as the laws of each site, will save U.S. gamblers time and money in the long run.

Jack Oceano

Chuck Bartowski, the reluctant hero of NBC’s comic adventure show “Chuck,” may not always get the proper credit for saving the world each week, but his wallet does contain at least two or three credit cards.

Fighting Crime for $11 an Hour

For most of the week, Bartowski works at Buy More, a retail electronics store in Burbank where he earns approximately $11 per hour. As part of the store’s “Nerd Herd,” Chuck answers technical questions about new gadgets and helps frustrated computer users keep their laptops and cell phones in good working order.

Speaking of computers, Bartowski also has one in his head. After opening an e-mail from a college friend, Chuck reluctantly received a download of “The Intersect,” a computer network filled with classified government information. The data is packed into his subconscious mind and can be accessed with the right visual triggers.

If, for instance, Chuck sees a known terrorist on the street, his brain will “flash” and reveal all the details about this villain, including his last-known whereabouts. Bartowski even has schematics for weapons locked in his skull.

Naturally, Chuck is one of the government’s greatest assets and spends much of his free time helping the NSA and FBI keep the world safe from harm. Unfortunately, he doesn’t receive any additional compensation for his dangerous, after-hours job.

What’s in Chuck’s Wallet?

Based on his hourly wage, Chuck has an estimated gross income of $22,880 per year, which is not a lot considering his value to the government. Fortunately, Chuck lives with his sister and her fiancée, which dramatically reduces his living expenses and allows him to put some of his take-home pay into a savings plan. With a low debt-to-earnings ratio, Chuck would benefit from a credit card for those rare occasions when he can take Sarah Walker, the secret agent of his dreams, out to dinner.

Since he works at Buy More, Bartowski gets an employee discount, which means that he has a store credit card for in-store purchases. Chuck owns a pretty decent desktop computer and has a first-generation iPhone, both of which were charged on his Buy More card.

Chuck’s Debits and Credits

Thanks to Chuck’s savings habits, he carries around a debit card tied to his bank accounts, preferably one that offers incentives for making purchases. As a good customer, his bank should offer the hardworking Buy More employee a credit card with a low interest rate.

Besides electronic toys and dinners with lovely ladies, Chuck shops for food, paying for his purchases with the bank debit card. Nerd Herd members sometimes have to drive to a customer’s home or business, so Bartowski does spend money on gasoline. To keep track of his business expenses, Chuck carries a credit card that pays a bonus for purchases at filling stations.

Being a Spy Isn’t Cheap

With The Intersect in his brain, Chuck typically finds himself in dangerous situations where he must stay one step ahead of people who want him dead. Bullets and bombs mean that his clothing takes a beating, so Chuck probably spends some of his free moments shopping for new duds. He even has some pretty stylish outfits, which he probably bought to impress the well-traveled Sarah.

Though his credit lines aren’t as impressive as those of Iron Man’s wealthy alter ego, Tony Stark, Chuck Bartowski does OK for a member of the Nerd Herd.

Steven Bryan

If you are interested in carrying the best looking credit cards in your wallet, here’s your chance to see five of the most innovative credit card designs on the market today.

Fashion statements used to be made strictly by what clothes you wore or what purse or wallet you carried. Today, fashion statements also can be made by what you carry inside your wallet. Credit card designs range from basic single color options to elaborate works of art. Some cards even give you the option to create your own credit card design. If you are interested in carrying the best looking credit card in your wallet, then take a look at the top five credit card designs on the market today.

No. 5: PetRewards Platinum Plus Visa

If you love animals, then the PetRewards Platinum Plus Visa credit card has a design you will flip over. First, you can select from three very cute animal designs including “contented cat,” “loving pair” and “devoted dog.” Your second option is to upload an image of your pet to use as your credit card’s background design. This credit card offers you rewards that relate to animals such as vet services, pet food and even donations to your local animal shelter.

No. 4: Capital One Standard Platinum for Students

The Capital One Standard Platinum Credit Card for Students is a fashionably versatile credit card. First, you can select one of the great looking credit card designs offered by Capital One such as a bald eagle, a lightning strike, a mountain and water scene, a palm tree at sunset or a tropical island scene. If you want to personalize your credit card’s design, then you also have that option. After you get your card, you are given the opportunity to upload a photograph to your account and order a new card. This card has no annual fee, free fraud liability insurance and online access to your account.

No. 3: Discover Monogram

With the Discover Monogram credit card, you can choose between three brilliant fashion colors including Caribbean blue, flamingo pink and key lime green. This card not only looks great, but also it has a pretty great lineup of benefits and features such as no annual fee, super low regular APR and a fabulous cash back rewards program.

No. 2: Starwood from American Express

The Starwood from American Express credit card is simple and sleek. It features a very flattering red-and-silver design. It also offers you travel rewards, purchase protection, traveler’s insurance products and global hotline assistance. American Express also offers a Starwood business credit card version which boasts the same benefits and design.

No. 1: Personalized Maximum Rewards from First National Bank of Omaha

The number one credit card design is actually created by you. The Personalized Maximum Rewards credit card is one of many personalized credit cards from First National Bank that allow you to upload any graphic that you want to appear on your credit card. This is a Visa credit card that offers you a 6 month introductory 0 percent APR, a 1-point-per-$1 reward program, online access to your account and a complimentary zero liability protection policy.

Eisla Sebastian