Apple wants people to know how to clean its new credit card

SAN FRANCISCO — Apple believes some of its zealous customers will treasure its new titanium credit card so much that they will spend time polishing its white finish.

That’s why Apple has posted instructions on how to clean the card properly and warned that some materials might leave blemishes that are difficult to remove.

The list of potential hazards includes leather and denim, prompting some people to conclude Apple’s credit card is so special that it can’t be stored in the wallets and pockets where most other credit cards reside.

But the company says it merely wants people to know that the dyes used in some types of leather and denim can leave stains. Those discoloring marks are unlikely in most kinds of wallets and jeans, something Apple alluded to in its post by advising that the card can be kept in a wallet or pocket made of “soft materials.”

The reverence Apple seemed to be according its card triggered widespread derision on Twitter and elsewhere on the internet.

“Do not look directly at Apple Card,” Alex Stamos, a former top security executive at Yahoo and Facebook, mocked in a tweet late Wednesday . “Do not speak to Apple Card. Do not denigrate Apple Card in Its Holy Presence.”


In reality, Apple’s cleaning instructions for the card mirrors the same practice it applies for its iPhone, iPad, Mac computers, ear buds and all other physical products. But while it’s common for people to clean those devices, few consumers spend time sprucing up their credits cards.


Apple describes a two-step cleaning process involving microfiber cloths and isopropyl alcohol and includes a list of inappropriate cleaners. The instructions also warn against touching another credit card or “potentially abrasive objects” like coins or keys.

The Apple Card, announced in March in partnership with Goldman Sachs, started rolling out in the U.S. this month. Though industry experts say the card’s financial benefits mirror many of those already out there for consumers, Apple is positioning it as a refreshing change from the thousands of other credit cards that have been available for decades.

In one of the biggest differences, the card is designed to be primarily used with the Wallet app on the iPhone and Apple Watch. But at retail stores, that requires merchants to accept Apple Pay. Apple and Goldman Sachs are giving people the option of a physical card to use when Apple Pay isn’t an option.

The card is made of titanium and a sleek white finish to give it added flair and prestige. It’s a strategy that has worked well for other high-end cards made of metallic alloys, such as the Chase Sapphire Reserve Card .

As part of its effort to keep its new credit card customers happy, Apple is offering to replace any card that loses its sheen, at no extra charge. /jpv

source: technology.inquirer.net

Hackers hit bank. Is your money safe anywhere?

NEW YORK — Hackers stole personal information from millions of JPMorgan Chase customers this summer, in one of the biggest breaches of a financial company.

The bank says only non-financial data was taken — names, addresses, telephone numbers and email. But that’s still a lot, and experts warn that customers need to be vigilant about identity theft in the next several months.

The theft — involving 76 million households and seven million small businesses — raises questions about the safety of personal information, especially at banks. What risks do people face? Will this keep happening? And can bank customers reduce the threat of identity or financial theft?

Q: How concerned should I be if the hackers didn’t get Social Security numbers, bank account or credit card information?

A: We may not yet know the full scope of what the hackers were able to steal, says Eric Chiu, president of HyTrust, a cloud security company based in Mountain View, Ca. “They can sit on your network for months, siphoning off data before being detected,” says Chiu. He says that customers’ addresses and phone numbers could be used or sold to others who might combine that information with other stolen data. It could then be used to access accounts or even to open new accounts in the unwitting customers’ names.

Q: How close did the hackers get to stealing customers’ money or more sensitive financial data?

A: We don’t really know. The hackers may not have been looking to siphon funds, says Chiu because “data is what’s gold now.” Other security experts say the bank’s public statements suggest that its defenses were partly successful, because hackers weren’t able to get other information.

Q: So is this a partial win for the bank?

A: It might be, says Mike Lloyd, chief technology officer at Sunnyvale, Ca.-based RedSeal Networks. But the bank shouldn’t declare victory — especially since cybersecurity is “a never-ending war” against new and evolving threats.

Q: What else could happen?

A: One concern is that this breach was a reconnaissance mission in preparation for a bigger hack, says Craig Carpenter, chief strategist at AccessData, a cybersecurity firm. “They don’t have to crack the entire system tomorrow,” he says. “They could have simply been mining for data, or looking to leave something behind that would allow them to get into (JPMorgan’s servers) easier next time.”

Q: What else should banks do to protect customer data?

A: The financial industry is already doing more than other industries, says Dwayne Melancon, chief technology officer for the cybersecurity firm Tripwire, in Portland, Oregon. Chase in particular is known for using advanced security technology, says Avivah Litan, an analyst with Gartner, a technology research firm based in Stamford, Connecticut. But she also says that most companies have trouble keeping up with constant threats, and one big vulnerability lies with employees. While businesses tend to spend more on defending against outside attacks, many hacks begin with a compromised employee account. Litan says companies must do more to screen workers and also train them in security precautions.

Q: Should I close my account at JPMorgan?

A: At this point, there’s no indication that’s necessary. Steve Weisman, a Boston attorney and author of several books and articles about identity theft says, “it won’t do any good” because other banks may be equally vulnerable to hacking. “There’s no place to run and hide. You should monitor your account regularly and don’t trust any communications you receive.”

Q: After big attacks against retail chains and now Chase, should we expect more breaches?

A: The size and scope of the breaches are going to get worse, not better. Target, Home Depot and JPMorgan Chase are just the beginning, says Darren Hayes, a professor and expert in cybersecurity at Pace University in New York. It’s safe to presume that hackers have been sitting inside these banks and business networks for months, even years, sometimes not doing anything. “Hackers these days are patient … and are extremely effective at just gathering a lot of data over time.”

Q: Is there any way to protect myself if they’re this sophisticated?

A: Change your passwords regularly, don’t click on links in suspicious emails, they could be phishing attempts by scammers, and check online statements for charges you don’t recognize. Be wary of calls requesting personal information.

Q: How bad is the fallout so far?

A: The New York-based bank says there’s no evidence of financial fraud associated with the breach.

source: buiness.inquirer.net

Adobe says attack exposed customer financial info

Adobe Systems Inc. said a cyberattack on its systems has exposed credit-card information of 2.9 million customers.

The maker of Photoshop and other software said Thursday that the attacker accessed Adobe customer IDs and passwords on its systems. Through that, they were able to remove customer names, encrypted credit and debit card numbers, expiration dates and other information related to orders from customers worldwide. The company does not believe attackers removed credit and debit card numbers that weren’t encrypted.

Adobe is notifying customers and resetting passwords. It has alerted banks processing Adobe payments to help protect customer accounts. It is also working with federal law enforcement on its related investigation.

“Cyber attacks are one of the unfortunate realities of doing business today,” Brad Arkin, Adobe’s chief security officer, wrote in a blog post Thursday. “Given the profile and widespread use of many of our products, Adobe has attracted increasing attention from cyber attackers.”

The San Jose, California, company says it is also investigating illegal access to the source code of numerous Adobe products and believes the attacks are related.

Adobe shares fell 64 cents to close at $50.88 Thursday and were unchanged in after-hours trading.

source: technology.inquirer.net

6 steps to closing a credit card

Thinking about closing a credit card account? Closing a credit card account can prevent you from using too much credit, reduce your risk of identity theft and make keeping track of your finances easier. However, it can also have a negative effect on your credit score.

Part of your credit score is based on how much of your credit you actually use. When you close an account, especially a larger account, your credit-utilization ratio (CUR) will be affected and your score could go down. In addition, if the card you're closing was the first credit card you ever got, it could shorten the length of your credit history, which can also hurt your score.

Too many cards

That said, tell me if this situation sounds familiar: You have to buy a dress or a suit for a friend's wedding. It's tough financially, but it's their wedding -- a once-in-a-lifetime occasion. You pick one out and when you get to the cashier, he offers you an additional 20 percent savings if you sign up for their store credit card. Plus, with the card, you get free alterations. Done.

I've had a lot of friends get married recently.

Maybe you've encountered this situation too, and now you have too many cards for specific stores and would like to simplify your credit life a bit. Or maybe a card with an annual fee has outlasted its welcome in your wallet. In these cases, closing a card (or cards) can be an appealing notion. Here are six steps for getting it done:

1. Target the card that costs you the most first

If you are going to close multiple cards, close just one account at a time. Closing too many cards at once can cause your credit score to drop sharply from a snowball effect of the reasons mentioned above.

To determine which card you should close, calculate which one is costing you the most -- whether through the high annual percentage rate (APR) you're paying on its balance or the steep annual fee that's drawing nearer -- and make it your goal to close it first. Be sure to factor in any rewards you get from your cards, however, to make sure you're conducting a full analysis.

2. Pay the balance in full

This may seem obvious, but I've chosen to mention it so there's no confusion. Trying to escape a card that still has a balance is a terrible idea for a lot of reasons, not the least of which is the damage it will wreak on your credit report. If you can't pay the balance in full, consider transferring the balance to a card with a lower APR.

3. Declare your intentions with your issuer

I always prefer to try to cancel a card over the Internet first. It avoids the sales pitch from the person on the other line when I try to cancel. But if need be, call your credit card company and stay firm when they try to keep you as a customer. Remember your reason for calling.

4. Send a written confirmation of cancellation

Keep a copy for your records as well. This will give you more leverage if the account appears open after your verbal cancellation.

5. Dispose of the card properly

Once you're certain that the account is closed, cut up your card and dispose of it in multiple loads of trash.

6. Keep an eye on your credit report

If any errors, occur, it's your responsibility to correct them. Keep a tab on your score. It may take a few weeks for any changes to occur, but watch carefully to see if cancelling your card has a negative effect. If it does, weigh carefully whether you want to close any other accounts.

Whether you should close a credit card account can be a tough decision. Do the benefits -- which sometimes are only psychological -- outweigh the potential damage to your credit score? That's a call only you can make. But if you've struggled with overspending in the past, it is one way to reduce your temptation and simplify your finances.

source: moneybluebook.com

Scam watch: Credit card interest, real estate, time shares

Here is a roundup of alleged cons, frauds and schemes to watch out for.

Credit card interest – The Federal Trade Commission is sending refunds to more than 4,400 consumers who were defrauded by a telemarketing firm that promised to reduce their credit card interest rates in exchange for an upfront fee. The FTC sued Economic Relief Technologies and several related firms and individuals in 2010, accusing them of a massive telemarketing fraud. Victims were told the company would get banks to reduce their interest rates -- saving them thousands of dollars in interest -- if they paid fees ranging from $990 to $1,495, the FTC said. But after consumers paid the fees, the company did little to negotiate better interest rates and then refused to provide refunds to unhappy customers, the FTC said. The FTC obtained a settlement from the defendants, which will be used to pay refunds of between $31 and $1,300 to victims, based on how much they lost in the scam, the FTC said.

Real estate investment – Acting at the request of the Securities and Exchange Commission, a federal judge has frozen the assets of a San Diego firm that operated a real estate investment pool. The SEC alleges that Louis V. Schooler failed to tell investors about the “exorbitant markup” he charged for shares of his investment pool. His company, Western Financial Planning Corp., said it would buy vacant land in Nevada, hold it and sell it for profit at a later date. “Schooler conned hundreds of people into investing with Western by leading them to believe that they were getting a good value for plots of vacant land,” said Michele Wein Layne, director of the SEC’s Los Angeles regional office. “What he didn’t tell them was that the land was worth only a small fraction of their investment and that he was profiting at their expense.” A receiver has temporarily been placed in charge of the fund’s assets.

Time-share ‘buyers’ – The Better Business Bureau is warning owners of time-share properties that they should not pay upfront fees to a telemarketing company that claims to have found buyers for their properties and wants an upfront “transfer fee.” The company, PHB Title, claims on its website that it is based at a Milwaukee address, but the BBB says there is no such company at that address. Callers, some with foreign accents, claim to be from a title company that will double owners' time-share investment after they pay the fee. “Our office has spoken with consumers from various states that have come close to falling for this, stopping short of wire transferring money,” said Ran Hoth, president of the Wisconsin BBB. “Thankfully, nobody has paid money, and that’s why we want to get the word out on this now.”

source: latimes.com

How to Get Better Credit and Increase Borrowing Power

If you want to know how to get better credit, the first thing you must understand is what having good credit means. Learning how to get better credit begins with having an understanding of responsible borrowing habits. Your credit report and the things that a bank will look for when deciding if they want to grant credit to you follows a very simple logic. It really comes down to how much risk your present to them as a potential borrower. Here are some of the things that lenders will look at and they are also things to pay attention to if you are trying to figure out how to get better credit.

Stability is something that affects your credit report, credit score and is something that your bank will consider when determining if you qualify for credit. If you move residences or change jobs, often this is a sign of instability. Most lenders like to see that you have maintained the same employment or residence for three years. Your credit report will list your three most recent addresses and employers. If they are all different and have changed in a short period of time, this will affect your credit score.

How you use and pursue credit is another measure that your bank will use to determine risk and could be an indicator that you need to get better credit. The number of times that you apply for credit in a given calendar year will indicate if you are a "credit seeker". Too many inquiries will reduce your credit score and borrowing power. The rule of thumb is to make no more than 4 applications for credit in a given calendar year.

Having too many credit cards (even if you don't use them) will make you appear as a credit risk. The reason being is because of the "ability" that you have to go into debt. Having credit cards that are close to the limits, at their limits or over their limits is also a problem. It will not increase your borrowing power, will reduce your credit score and will trigger a message to appear on your credit report that states "balances are to close in proportion to credit limits". In this regard, if you want to know how to get good credit; a good rule of thumb is to only spend on credit cards what you can afford to pay in full each month.

Obviously, how you pay your credit cards is important. Late payments will destroy your credit and is definitely not a good way to get good credit.

If you are trying to get good credit and increase your borrowing power, your bank will also look at your cash flow, income to debt ratios, type of income, assets and more. Much of the criteria that your bank will look for are not contained within your credit report. Rather, it is information requested in a credit application and assessed separately from your credit report. Even if you have the best credit, if other this other criteria is not met you will not be able to get credit from many banks.

TrueAssess is Your Financial Report Card - Better than a Credit Report - Find out what your bank really thinks, qualify for lower interest rates, build better credit, plan for major purchases and more. www.trueassess.com

Article Source: http://www.ArticleBiz.com

Personal Finances: How You Manage Your Finances

Do you find it difficult to meet all your commitments due to personal finances ? Are monthly bills a problem for you ? If 'yes' is the answer you need to check how you manage your finances. Which of these two categories best describe you : a) A careful manager of funds, keeping your monthly budget in control so that you can deal effectively with any unforeseen money issues, or b) A bad finance manager who tends to spend their monthly income without considering the possibility of getting into debt with monthly payments.

If you answer b ... you can learn to keep your personal finances under control.

You may need financial advice if you have never planned financially before. You need to find out exactly what your monetary situation is, by getting as much information about it as possible. This information will give you an idea of your net worth financially, you should include assets, savings and property - then you will see more clearly what is left over for future savings. A personal finance budget is invaluable, this budget should include all of your income and expenditure. Accuracy is important as this will help you to realize your goals and future plans. All monthly expenses such as credit card payments must be included and scrutinize your statements so that you understand exactly where your money is going. This will aid you in prioritizing your expenses so you can make any tough decisions that may be necessary.

Do you have savings ? many do not bother about this until later in life but thinking about savings sooner is a good way to regulate your personal finances .. but don't forget that you have to meet your monthly requirements first ! Once you can do that, start saving, remember that you can't do it the other way around.
Also, consider your job, do you have a steady job with a reliable income ? This is not always easy to determine, for example if you work in retail there is always the possibility of job loss. Having a steady income may mean getting into a more secure job or, if possible, become your own boss. Above all be concerned with your personal finances these have to take priority over everything else.