Why Aren’t Mobile Wallets More Popular in the U.S.?

Technology has changed our lives dramatically in the past few decades. Between smartphones, high-speed Internet and 3-D televisions, we’re living in a gadget-saturated world.

But some old standbys are sticking around. For instance, despite the explosion in mobile wallet technology, most Americans are sticking to cash and credit cards. So why aren’t mobile wallets gaining popularity faster? Let’s take a look at the details.

What are mobile wallets?

If you’re not familiar with the concept of a mobile wallet, the name pretty much says it all. Basically, they’re systems that allow users to combine all of the stuff that would normally be carried in a regular wallet – like credit cards, debit cards, store loyalty cards, etc. – onto a mobile device. Usually, this is accomplished using a mobile app.

The idea is that you’ll use your smartphone (or another accompanying gadget) instead of your wallet, since it contains all your payment information. Most people are carrying around their smartphones anyway, so being able to leave our wallets behind is supposed to streamline our day-to-day lives. After all, the fewer things we need to schlep around, the better!

There are lots of mobile wallets to choose from, but they’re not very popular in the U.S.

On the surface, it seems like mobile wallets would be all the rage. But North American consumers just haven’t latched onto them the way entrepreneurs expected. According to an article in the New York Times:

“… Worldwide, people spent $235.4 billion through mobile payments in 2013, compared with $163.1 billion in 2012. But that number is much smaller in North America, where consumers spent about $37 billion through mobile transactions in 2013, up from $24 billion the year before.”

In fact, this lack of interest is one of the reasons that a mobile payments pioneer pulled back on its mobile wallet ambitions. In May 2014, Square removed its Square Wallet app from the App Store and Google Play. Although existing users can still access it, it’s clear that the company was disappointed in its performance.

So why aren’t Americans more excited about mobile wallets? There are a few reasons:

Spotty acceptance – One of the big issues with some mobile wallets is that they aren’t widely accepted in the places people usually shop. In order for some mobile wallet systems to function, both the customer’s phone and the merchant’s terminal have to use compatible technology. This is a big obstacle that few developers have been able to overcome.

Lack of awareness – According to the Times article quoted above, many Americans simply don’t know what mobile wallets are or how they work.

Lack of enthusiasm – Even when people are made aware of the mobile wallet options on the market, many are uninterested. They simply don’t see the benefit to using these devices over their regular wallets. “I don’t see the point,” Elissa Lyons, a 28-year-old teacher in Fairfax, Va., said. “It’s not that hard to just pull out my credit card – plus, you can’t completely leave your wallet at home.”

Want to try a mobile wallet? Here are some options to consider

If you’re interested in trying a mobile wallet despite their lack of popularity, the Nerds have a few suggestions. Each has it’s own benefits and drawbacks, so be sure to consider them before making your choice:

Google Wallet – Google Wallet hit the scene in 2011. To use it, you download the free app, enter the information on all your payment and store loyalty cards, and you’re on your way. One of the best features of Google Wallet is the ease with which you can send money to friends or family using only your Gmail accounts.

However, the major drawback to Google Wallet is that in order to be able to pay for an item in a store with your phone, both your smartphone and the store’s payment terminal have to be compatible with tap-and-pay technology.

Loop – Loop became available in winter 2014. To use it, you purchase a Loop device (fob or smartphone case) from the company, download the free app, and scan in your payment and store loyalty cards. You can then use the fob or smartphone case to pay for your daily purchases, because both work at more than 90% of existing payment terminals. This is the major benefit Loop has over its competitors.

But 90% isn’t 100%. For example, Loop can’t be used to pay at the pump at gas stations because they require that you fully dip your card into the terminal. Once again, this means you can’t leave your wallet behind for good.

Coin – Coin is expected to be released in summer 2014. To use it, you swipe your payment and store loyalty cards into the Coin app, which then communicates via Bluetooth with the Coin device. The Coin device looks like a regular credit card, but it’s able to store up to eight payment and store loyalty cards; you can switch between them by pushing a button on it. Since Coin looks and functions like a regular credit card, it should be usable at any existing payment terminal.

But one downside is that the Coin device will only be able to hold eight cards at a time. Plus, you have to carry around the device and your phone, which doesn’t provide the convenience that a lot of people are looking for.

The takeaway: Mobile wallets might be nifty, but they’re not catching on in the United States in the way they were expected to. If you still want to try one out, consider one of the Nerds’ suggestions above!

Mobile wallet payment image via Shutterstock

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3 Questions You Never Thought to Ask Yourself About Your Credit Score

Getting familiar with the credit scoring system used in the United States is a daunting task. It’s easy to get wrapped up in minutiae and lose sight of the big-picture questions that could have a major impact on your understanding of the topic.

Here are three questions you probably never considered about your credit score. The answers might surprise you!

1. What are my three credit scores?

When we hear chatter about credit scores on the news or from our friends, usually the talk is about a single, monolithic number. For instance, “My credit score is 700” or “It’s important to have a good credit score.” This leads people to assume that they only have one credit score. In truth, you have three.

That’s because there are three major credit bureaus in the United States: Experian, TransUnion and Equifax. Each receives information about your credit-related behaviors and each creates a report based on that data. Consequently, you have a credit score based on each of these credit reports. When banks are deciding whether or not to lend you, it’s common for them to average the three scores to come up with a comprehensive estimate of your risk as a borrower.

Usually, all three scores are pretty similar, but if one is significantly lower than the others, it could indicate that there’s an error on one of your reports. If you find yourself in this situation, take steps to have it corrected.

2. How are my credit report and credit score related?

The terms “credit report” and “credit score” are often used interchangeably, which causes folks to lose sight of the difference between the two. While it’s true that your credit report and score are related, they’re certainly not the same thing.

Your credit report is a detailed record of your history with handling credit. It lists information about both open and closed accounts, including the types of loans you’ve had and your payment history with each. It also lists recent inquires for credit. Additionally, your credit report might contain data about a past bankruptcy, foreclosure or account that’s gone into collections.

Note: It’s important to remember that the three credit bureaus don’t use a common system for creating consumers’ credit reports. This is partially because each of the credit bureaus includes some information on its report that the others don’t. As a result, the details contained on each of your reports might differ a bit.

On the other hand, your credit score is a numeric representation of the information that’s on your credit report. The three credit bureaus weight each item slightly differently to come up with your score, but generally your payment history and current credit utilization are the two most important factors in determining your score.

3. Besides getting a loan, what else does my credit influence?

You might think that your credit is only important when it comes time to apply for a loan. Besides banks, who else would care about your history with handling borrowed money?

As it turns out, a lot of people care about your credit. It’s viewed as a marker of overall financial responsibility, which is why it plays a role in so many money-related tasks in our lives. For instance, you’ll likely undergo a credit check when you rent an apartment, apply for an insurance policy and set up utilities in your home. Some employers even look at your credit before deciding whether or not to extend a job offer to you.

Because your credit is scrutinized so frequently, it’s important to keep it in good shape. Paying your bills on time and staying out of credit card debt are the easiest ways to build a good score, so make these two behaviors routine.

The bottom line: It’s difficult to become knowledgeable about credit when you’re not asking the right questions. Now you have the facts to move you forward in your journey to credit expertise – be sure to check back often for more tips and tricks!

Questioning woman image via Shutterstock

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The Deadliest Cities for DUIs

DUIs have a high cost, both human and financial. In 2012, 10,322 people were killed in alcohol-related driving accidents. The economic cost of drunk driving is also staggering — an estimated $199 billion a year in the U.S.

While cities with bigger populations have higher numbers of fatal DUI crashes, smaller cities are actually the more deadly ones when per capita numbers are considered.

For more interesting data visualizations, click here.

Shot glass with car keys image from Shutterstock

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MasterCard Payoneer Review & How To Get A Payoneer Master Card Free - Business

Payoneer Review

Is Payoneer good for freelancers and affiliate marketers? Find out in my hands-on Payoneer debit card review 

In this Payoneer review I will be explaining how the Payoneer MasterCard Prepaid Debit Card works and give a little honest feedback, based on my own personal experience with Payoneer over the course of one year and counting.

We'll cover questions on how it works, what are all the fees, and other important details that are easy to miss at first glance.

If you’re a freelancer or affiliate marketer like me, you’ve probably got enough to do right now — so let’s get on with it.

What is the Payoneer MasterCard Debit Card? 

Payoneer MasterCard Debit Card: Facts

I’ll start off with the basics here. As their name implies, Payoneer are true ‘pioneers’ in the Payoneer global payment processor sector and there isn’t an easy comparison to be made between Payoneer and other services like it.

To save you time figuring it all out, here's what they can do for you.

What is Payoneer? 

Payoneer is a global payment processor similar to PayPal which promises a safe and affordable online payment solution  for international freelancers, affiliate marketers, and others who make money online and need to get paid in their home country.

The Payoneer prepaid MasterCard works like any other re-loadable MasterCard prepaid debit card that you can get at your local bank branch, though it isn't a typical local debit card account.

Here's a quick summary of how the card works.

What do you get with the Payoneer MasterCard debit card? 

1. A physical MasterCard prepaid debit card.
2. An online account linked to your MasterCard card which you can use to view your balance and transaction history, as well as manage your account and personal details.

How can you use it? 

• You can receive credit/debit card payments from anyone with Visa or MasterCard, from anywhere in the world. This service comes with a small processing fee per payment, and the maximum amount you can receive from a single credit card payment is $1000.

• You can receive Direct Deposit payments from US-based companies such as Amazon and PayPal through Payoneer’s US Payment Service. The transaction fee for using the US Payment Service is 1% of the total amount transferred. You’ll then get paid directly onto your card, rather than having to wait for an international check and paying exorbitant clearing fees on your earnings. 

• You can receive online payments in USD from Payoneer-approved partners (for example: Elance, Fiverr, MediaWhiz, Media Shakers, and dozens more). Receiving payments this way is free for most partners and takes two days to load, although you can also pay an extra $2.50 if you need the cash within 1-2 hours of requesting it. 

• You can pay for goods and services online as well as in brick-and-mortar stores. It has the convenience of a credit card for online payments, with the beauty of a prepaid debit card since you cannot spend more money than you have in your account - i.e. you can't get into debt! There is no extra charge added to your purchases when you use the Payoneer card directly at a point-of-sale machine. 

• You can withdraw cash in your local currency from any ATM with the MasterCard logo visible on it somewhere – there are more than 1 million of these ATMs worldwide. The fee for a standard ATM cash withdrawal is around $3. This fee might sting a bit, but it helps me keep disciplined with my spending habits so I don't mind it too much.

If you don’t already have an account with one of Payoneer’s partners, you will want to sign up for your Payoneer card directly from the Payoneer website. The yearly card fee is $29.95, which is deducted from your balance automatically so you don’t have to worry about renewing it. There are no monthly maintenance fees when you sign up for your card via Payoneer's website.

Please note that Payoneer does provide a few other services such as Global Bank Transfers and the US Payment Service; however, I will not be covering these in this review as I do not use the Global Bank Transfer Service and have only recently been approved for the US Payment Service.

Once I have more experience with the US Payment Service I may write another review detailing how I have found it. [UPDATE: I just received my first Direct Deposit payment from Amazon Associates using Payoneer's US Payment Service - everything came through without a hitch and I'm smiling from ear to ear!]

My payoneer experience - One year and counting 

If you’re still reading this far, you probably want to know if Payoneer is any good, or maybe you would just like to know “how legit” they are. Before I get to that, allow me to give you a short explanation of how and why I started using Payoneer.

A little over a year ago, I was unemployed and having no luck finding a job in my local area in South Africa. I mused about the possibility of using my skills online as a freelance writer – but my main obstacle, of course, was getting paid. PayPal wasn’t an option because until recently there was no way to withdraw PayPal funds in my country due to confusing regulations. Nevertheless, I was sure there had to be a way, and after many weeks of hitting dead-ends, I finally found Payoneer.

Fast forward through a fruitful year of freelancing and some dabbling in affiliate marketing... Well, I’m still using my Payoneer card, and not a day goes by where I’m not thankful for the freedom it gives me to earn money no matter where I am. Although I mainly use it for receiving my freelance earnings on Elance and some affiliate commissions (e.g. Amazon, ClickBank, LinkShare), I have been thoroughly impressed by both Payoneer as a company and the Payoneer prepaid debit card itself.

My major concern when signing up with Payoneer was how long the payments would take to clear, but as it turns out I was worrying for no reason. I have never had a problem with my payments coming through; they have been processed and loaded into my account within the promised two-day waiting period each and every time.

As for paying for things with my Payoneer card, so far I’ve yet to come across a checkout method that prevented me from purchasing – i.e. it just works. I’ve bought goods online at both local and online retailers with no problems, and it's as easy as a credit card transaction. I have even managed to get my PayPal account verified by using Payoneer’s highly useful US Payment Service. That should tell you a lot about the legitimacy of this card.

Whenever I have a question regarding the service or my account, I simply search the Payoneer forum and usually find that my question has already been answered, straightforwardly and in sufficient detail, by one of their community managers or support representatives. I can't vouch for the live support because I've never used them, as I prefer email correspondence when dealing with official matters. 

With that said (I mean, what more can I say?), if you’re an online freelancer, content producer, or affiliate marketer looking for a better alternative to PayPal for getting paid over the internet… This is it.

Verdict: 100% legit and highly recommended. 

Here's how to get your own Payoneer card + $25 bonus 

Payoneer is running a special ‘Refer-A-Friend’ promotion for a limited time, meaning that if you sign up through an existing cardholder’s referral link now (like this one) you get $25 added to your Payoneer account when you’ve transferred over $100 in earnings or deposits to your card.

Deposits that qualify towards the $25 bonus include loads from your PayPal account to your Payoneer card using the US Payment Service, as well as from any other company on the US Payment Service Whitelist.

Applying for your card is quick, easy, and you don’t even need an existing bank account. Once you sign up online with Payoneer, your card is shipped to you at no charge.

Do you really want to know How to get a free Payoneer MasterCard in Bangladesh or Pakistan? Yes that’s right it’s FREE! You can receive a mastercard sent to you directly through postal mail, absolutely free! This is one of finest ways to receive your online earnings in hand.

Free MasterCard in Bangladesh, Pakistan or any country

This offer is available exclusively for users in 200 countries. If you are outside of Bangladesh or Pakistan, you can still apply for this free mastercard.

You wont need a bank account in order to have a free master card.

You will not need credit statement to get a mastercard.

You can use this master card to do online shopping, buy laptops, gadgets, pay online bills, buy domains and use paypal.

You can use this free mastercard to get your funds from a local ATM. Yes Dutch Bangla bank, Janata Bank Q-cash, Standard Chartred ATMs are available too!

You can use this mastercard card in foreign countries.

You can use this mastercard in shopping malls.

Sign Up For The Payoneer Mastercard

The first step for you to get a free mastercard is to follow this link and click sign up!

CLICK HERE -----> Sign Up For MasterCard Payoneer

The good news is that after writing this review, Payoneer Inc contacted me and they created a special promotion where you can sign up and receive a free $25 bonus. Please use this link to sign up and receive $25 when you activate your card.

Now you have to submit your details, on the first step of the order process, add your first name, last name, email address and date of birth and click NEXT:

Select your country from the drop down list. You have option to select Bangladesh or Pakistan. Unfortunately Payoneer MasterCard has stopped working on India. Select your country, add your address (where this card will be mailed to you), enter your phone number and click NEXT:

In step 3 of the order process you have to specify a password and a security question and answer. Please write down the information you have submitted, click NEXT:

In step number 4 you will be asked to submit verification documents. You have the choice to use national ID, passport or driving license. You can use the Govt Voter ID of Bangladesh or your national ID card in Pakistan to sign up. If you have a passport you can use that too.

If you do not have any of them, say you are a minor and have no voter ID, then ask your parents to use their information. For this go back to step one as you will need to use your parent name and details.

Now check all the terms and click FINISH:

You should now receive a message or email of your submission.

Receive & Activate Your Free Mastercard

You will receive your payoneer mastercard within 30 days. In Bangladesh it took me roughly 30 days to receive. Some people got it even early within few weeks. I guess in Pakistan, the process is similar.

After you receive your card, log in to your payoneer account and add the digits you see in your card. Add the pin number you want. After that your mastercard will be activated!

Depending on your location it may take 2-4 weeks to receive this card. This will be from a standard postal mail.

Fees?

Although applying and receiving this payoneer mastercard is free of charge, there are some fees associated to maintain this card. So I highly suggest you start working on a marketplace, earn some money to use this card: (click on the image to zoom)

Loading Money To Your Card

I have seen an issue recently that when you get your card first you cannot load money using another card. They require that you load your card from sites like odesk/elance first. I don’t know why they did this thing so before ordering this card make sure you are working on any of these marketplaces and have at least $100 to load.

You can sign up for odesk (a freelance marketplace) and use this as a payment method. From odesk just go to the payment methods and activate the payoneer option. When they ask to sign up for a card, just click that you already have a card and link it.

This card also has the US payment option available.

Basically US payment service is a virtual US bank account. You can use this with Commission Junction to accept ACH/Wire transfers and you can also use it on paypal. 

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Should You Consider Going to a Pawnshop for a Small Business Loan?

Getting a small business loan is often one of the most difficult parts of turning a great idea into a profitable enterprise. This is especially true if you don’t have a good credit score or a significant asset to put up as collateral on the loan.

Historically, pawnshops provided loans to individuals who were having trouble getting traditional financing. But now they’re turning their attention to small business owners facing the same difficulties. Should you consider this option for your fledgling company? Take a look at the details below to decide for yourself.

Opting for a pawnshop loan sounds like a good idea

If you’re unfamiliar with how pawnshop financing works, the structure of the loan works like this: You bring a valuable item into a pawnshop and the owner assesses its worth. He or she will then lend you money based on a portion of the item’s value; for example, if you bring in an antique worth $500, the owner might be willing to give you a loan for $300.

Then the owner holds on to the item until you’ve repaid your loan – with interest, of course (see below). If you don’t pay on your loan, the owner will simply keep the item you pawned and sell it to recoup his or her losses.

It’s easy to see why pawnshop financing would be attractive to small business owners:

• Most loans are made immediately; there’s no waiting for weeks on a lending decision.


• Loans can be for almost any amount; if you pawn an item of very high value, you could end up with serious cash in your pocket.


• No credit check is necessary; this makes qualifying for a loan easy.

A 2014 article in the San Francisco Business Times profiled a local pawnshop called Provident Loan Associates. From the piece:

“While there are no figures that track how many small businesses turn to pawn shops for cash, Provident is among the growing number of pawn shops lending to small business owners and entrepreneurs. … In at least one case, Provident has lent money to a tech startup just getting off the ground.”

Clearly, the small business and startup communities find pawn financing increasingly attractive – but what’s the catch?

But using a pawnshop to get a loan for your small business comes at a price

Many pawnshops have increased their respectability in recent years, but there’s still a major drawback to their loan products that can’t be ignored: the interest rates.

Most (but not all) states regulate the interest rates charged by pawnshops and keep interest rates at or below 5% per month. But at 5% per month, the APR on a pawn loan works out to 60%. Most small business loans charge an APR of roughly 7-8% as of June 2014, so you’re paying a very high price if you opt for the convenience of a pawn loan.

Another consideration is that all pawn loans must be secured by a valuable item. If you don’t own expensive jewelry, artwork or anything else that would fetch a loan amount high enough to meet your business’s needs, you’re out of luck.

You don’t have to resort to pawnshops to get financing

Although it may seem impossible, you can get a loan for your small business without resorting to a pawnshop. Here are three cost-effective alternative financing ideas if you haven’t had success with traditional banks:

Peer-to-peer lending – Many popular peer-to-peer lending sites have begun expanding their products to small business owners. For example, Lending Club now offers business loans of up to $100,000 at as low as 5.9%. Plus, the online application is much simpler than that of a conventional bank’s.

Grants from your state – While the Small Business Administration (SBA) doesn’t provide grants directly to entrepreneurs for the purpose of starting or expanding a business, you might be able to get a grant from your state. Your odds are especially good if your venture provides some kind of public service.

Crowdfunding – Crowdfunding has exploded in popularity in recent years, and it’s a good option for people with ideas that are likely to get a lot of online attention. While Kickstarter is probably the best-known crowdfunding site, others, like Fundable, are specifically for raising capital for small businesses.

Although you’ll have to pay a portion of the funds you raised to the site (and possibly some other fees), crowdfunding is a good option because it’s not a traditional loan. You typically won’t have to worry about paying money back.

The takeaway: Although using a pawnshop to get a small business loan might seem like a good idea, there are alternatives out there that are much less costly. Be sure to explore all of your options!

Small business owner crunching numbers image via Shutterstock

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Find the Best No Foreign Transaction Fee Credit Cards

Ever felt like you’ve been ripped off when you use your credit card internationally? Chances are, you’re right: most dock you 3% of every dollar you spend overseas. But these cards will save you a pretty penny with waived foreign transaction fees, bonus travel rewards, killer signup offers and more. Read on for our review of our favorite credit cards with no foreign transaction fee, as well as a comprehensive, continuously updated list.

NerdWallet’s picks: the best no foreign transaction fee cards List of all no F/X fee cards Currency conversion study

A Few of Our Favorite International Credit Cards

Best airline credit card: The Capital One® Venture® Rewards Credit Card

Use miles on: Any airline or hotel – miles are redeemed against any travel expense

Apply Now

on Capital One's

secure website

The Capital One® Venture® Rewards Credit Card gives a solid 2 No Hassle Miles for every dollar spent, which are redeemable against any travel purchase. You aren’t tied to any airline or hotel, you don’t have to jump through hoops to get your rewards, and you can book through Kayak, Expedia or whatever discount site you like. The $59 annual fee’s waived the first year, but it comes with a Enjoy a one-time bonus of 40,000 miles once you spend $3,000 on purchases within the first 3 months, equal to $400 in travel signup bonus. Obviously, it has no foreign transaction fee, but it also has no blackout dates and no expiration on your miles.

Best no-fee, cash-back card: the Capital One® Quicksilver® Cash Rewards Credit Card

Use miles on: Anything; it’s cash.

Apply Now

on Capital One's

secure website

The Capital One® Quicksilver® Cash Rewards Credit Card doesn’t only help you dodge foreign transaction fees: It also has no annual fee. But this doesn’t mean you’re sacrificing rewards: You get a flat 1.5% cash back on all purchases, plus a One-time $100 bonus after you spend $500 on purchases within the first 3 months. signup bonus. Just because you travel abroad doesn’t mean you have to pay for your card!

Best travel points card with no foreign transaction fee: the BankAmericard Travel Rewards® Credit Card

Use points on: Any airline or hotel – points are redeemed against any travel expense

Apply Now

on Bank of America's

secure website

The BankAmericard Travel Rewards® Credit Card offers a flat 1.5 points on every dollar you spend and has no annual fee, but provides additional perks for travelers. It has EMV chip technology, too, which is helpful when you’re traveling to Europe. If you have other qualifying Bank of America accounts, you can also get an annual 10% customer points bonus on your total purchases, raising your rate to 1.65 points on every $1 spent. Those points can be redeemed as a statement credit against any travel purchase, including, airfare, baggage fees and hotels. And with 10,000 bonus points if you make at least $500 in purchases in the first 90 days, there’s a lot to love.

Best signup bonus: the Chase Sapphire Preferred® Card

Transfer points 1:1 to United MileagePlus, Southwest, British Airways, Korean Air, Ritz-Carlton, Marriott, Hyatt, Priority Club, Amtrak

Apply Now

on Chase's

secure website

The Chase Sapphire Preferred is another great travel rewards credit card, and our favorite in Chase’s lineup with a fantastic signup bonus of Earn 40,000 bonus points after you spend $3,000 in the first 3 months.. The points are worth 25% more when you redeem them for travel through Chase’s booking tool, an opportunity offered on no other personal Chase credit card. It earns 2 points per $1 spent on travel and restaurants and 1 point elsewhere, but provides opportunities to up that rewards rate. Your rewards rate could be as high as 2.50% and 1.25%. The stellar bonus and the waived first-year fee practically scream grab and go.

Credit Cards With No Foreign Transaction Fee

These are all credit cards that charge no foreign transaction fees at all. Are we missing anything? Let us know in the comments below.

List current as of February 25th, 2013.

• American Express Platinum and Centurion (as of April 2011)


• BankAmericard Travel Rewards®


• Barclaycard Arrival World MasterCard


• Barclaycard Arrival – No Annual Fee


• All Capital One credit cards, including:
  
  
  
  • Capital One® Venture® Rewards Credit Card
  
  
  • Capital One® Quicksilver® Cash Rewards Credit Card
  
  
  • Capital One Spark for Business suite
  
  
  • Capital One® Cash Rewards for Newcomers, for recent immigrants looking to build credit
  
  
  
  


• Citi ThankYou Premier and Citi ThankYou Prestige (as of December, 2010)


• Citi Hilton HHonors Reserve


• Citi Executive AAdvantage World Elite MasterCard (as of July, 2011, carries a $450 annual fee)


• Chase British Airways Card (as of November 2010)


• Chase Priority Club Rewards Signature (as of July 2010)


• Chase Hyatt Card


• Chase Fairmont Visa Signature


• Chase Palladium, if you’re one of the fortunate few (we’re not)


• Chase Ritz Carlton Rewards Card (as of June 2011, though this has a $395 annual fee)


• Chase United MileagePlus Explorer


• Chase United MileagePlus Club Card ($395 annual fee)


• Chase Sapphire Preferred


• Chase Southwest Airlines Rapid Rewards Premier


• All Discover credit cards, such as the Discover It
  
  
  
  • (An excellent option in China, but international acceptance is limited – check our list of which countries accept Discover for more information)
  
  
  
  


• First National Bank of Omaha Graphite American Express


• Marriott Rewards Premiere from Chase (as of March 2011)


• All Pentagon Federal cards, including the Pentagon Federal Promise (currently offering 4.99% balance transfers for 2 years) and PenFed Premium Travel American Express (5x points on airfare & Priority Pass lounge access when you spend $15k+ at 600 lounges worldwide)


• Harvard World MasterCard


• HSBC Premier (you have to have something on the order of $100,000 deposited with them to qualify)


• Schwab’s Invest First Visa (one of the best credit card deals of all time, but no longer available)


• U.S. Bank Skypass Visa Signature


• Most credit unions offer up no fees other than the 1% Visa charges them. Some even have “no foreign transaction fee”, including
  
  
  
  • Northop Grumman Federal Credit Union (anyone can join by making a contribution to the Southern California Historical Aircraft Foundation)
  
  
  • Andrews Federal Credit Union (any U.S. citizen can join)
  
  
  • Vystar Credit Union (must live in FL)
  
  
  • ESL Federal Credit Union (must live in upstate NY)
  
  
  • Texas Dow Employees Credit Union (TDECU) – anyone in the metro Houston area can join
  
  
  • Truliant Federal Credit Union (membership open to many regions of VA, SC, and near Greeneville, SC)
  
  
  • Associated Credit Union (membership is open to everyone)
  
  
  • Kirtland Federal Credit Union (membership is tough here, you have to be affiliated with the military in Arizona, either on Kirtland AFB, Reserves, or NM National Guard)
  
  
  • Reliant Credit Union (Monroe, Ontario and Wayne counties in New York)
  
  
  • Aerospace Credit Union (you have to work for Aerospace Corporation, or on Los Angeles AFB)
  
  
  • CoastHills Federal Credit Union (for residents of San Luis Obispo and northern Santa Barbara counties in CA)
  
  
  • Stanford Federal Credit Union (Anyone can join by donating $15-20 to one of two organizations)
  
  
  • Pacific Oaks Federal Credit Union (Open to residents of Ventura County, California)
  
  
  • Burbank Community Federal Credit Union (Open to residents of the City of Burbank, California)
  
  
  • Elga Credit Union (Open to residents of the Michigan Counties of Genesee, Saginaw, Lapeer, Shiawassee, Oakland, or Livingston)
  
  
  • Cy-Fair Federal Credit Union (Open to residents of parts of Houston, in the Cy-Fair ISD area)
  
  
  • Taylor Model Basin Federal Credit Union
  
  
  • Virginia Credit Union (Open to residents in many areas of Virginia)
  
  
  • Apple Federal Credit Union (Open to those associated with many of the school systems in Northern Virginia)
  
  
  • State Department Federal Credit Union (Anyone can join with a donation to the American Consumer Council)
  
  
  
  

Are Stated Foreign Transaction Fees Representative of Reality?

Now, in addition to what the banks claim they will charge you in terms of “foreign transaction fees”, you are also faced with the exchange rate that your credit card issuer uses to convert the currencies. And if you’re a cynic like me, you may wonder if they charge you hidden fees and unfair exchange rates on top of the disclosed rates. We reached out to our readers in April 2010′s Hong Kong Dollar FX survey and Euro FX survey, and were able to buy the same item at the same time with 10 credit cards from leading US card issuers. Note that Hong Kong dollars don’t fluctuate much, because they are pegged to the US dollar. The Euro is a different story entirely, especially given the budding European debt crisis.

Conclusion

Surprisingly, everyone keeps it pretty straightforward and honest, so it pays to look for the card issuer with the lowest advertised foreign transaction fee rate.

Foreign Transaction Fee Survey Results

In the tables below, there are a few Amex and Fidelity results that differ from the expected values by a few cents. We re-ran the experiment on a few of these cards with transactions that were closer to $100, and these anomalies disappeared.

HKD survey:

	Disclosed FX Fee	Estimated Charge for HK$15	Actual Charge for HK$15
Paypal	N/A	N/A	$1.99
Bank of America	3.0%	$1.99	$1.99
Citi	3.0%	$1.99	$1.99
Citi Amex	3.0%	$1.99	$1.99
Chase	3.0%	$1.99	$1.99
Wells Fargo	3.0%	$1.99	$1.99
US Bank	3.0%	$1.99	$1.99
Zion’s Bank	3.0%	$1.99	$1.99
American Express	2.7%	$1.98	$1.99
Fidelity	1.0%	$1.95	$1.95
Capital One	0.0%	$1.93	$1.93
HSBC Premier	0.0%	$1.93	$1.93
Schwab	0.0%	$1.93	$1.93
Exchange Rate at Time of Transaction			$1.93

Euro survey:

	Disclosed FX Fee	Estimated Charge for €2	Actual Charge for €2
Paypal	N/A	N/A	$2.77
Bank of America	3.0%	$2.79	$2.79
Citi	3.0%	$2.79	$2.79
Citi Amex	3.0%	$2.79	$2.79
Chase	3.0%	$2.79	$2.79
American Express	2.7%	$2.78	$2.80
Fidelity	1.0%	$2.74	$2.76
Capital One	0.0%	$2.71	$2.71
HSBC Premier	0.0%	$2.71	$2.71
Schwab	0.0%	$2.71	$2.71
Exchange Rate at Time of Transaction			$2.71

Current foreign transaction fees for US card issuers

Issuer	Foreign Transaction Fee
Air Force Federal Credit Union	1%
American Express	2.7%
Bank of America	3% (Visa/MC), 1% (American Express)
Barclays	3%
BB&T	3%
Capital One	0%
Chase	3% *
Citibank	3%
Citizens Bank	1.5%
Comerica Bank	3%
Commerce Bank	0%
Discover	0%
Heartland Bank	3%
KeyBank	3%
Fidelity	1% (American Express) 3% (Visa)
Fifth Third Bank	3%
First National Omaha Bank	3%
Horizon Bank	2%
HSBC	3%* (0% for Premier)
Navy Federal	1%
Nordstrom fsb	1%
Pentagon Federal Credit Union	2% (0% for Promise)
PNC	3%*
Schwab	0%
Simmons Bank	3%
Sovereign Bank	3%
State Farm	1%
US Bank	3%
USAA	1%
Wells Fargo	3%
Zion’s Bank	2%

* While HSBC and Chase offer lower charges to a small number of “premier” customers, the majority of their cards charge 3%.

Source Article http://ift.tt/1y39EC7

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get verifed your paypal NOW

Do you really want to know How to get a free Payoneer MasterCard in Bangladesh or Pakistan? Yes that’s right it’s FREE! You can receive a mastercard sent to you directly through postal mail, absolutely free! This is one of finest ways to receive your online earnings in hand.

Free MasterCard in Bangladesh, Pakistan or any country

This offer is available exclusively for users in 200 countries. If you are outside of Bangladesh or Pakistan, you can still apply for this free mastercard.

You wont need a bank account in order to have a free master card.

You will not need credit statement to get a mastercard.

You can use this master card to do online shopping, buy laptops, gadgets, pay online bills, buy domains and use paypal.

You can use this free mastercard to get your funds from a local ATM. Yes Dutch Bangla bank, Janata Bank Q-cash, Standard Chartred ATMs are available too!

You can use this mastercard card in foreign countries.

You can use this mastercard in shopping malls.

Sign up for the payoneer mastercard

The first step for you to get a free mastercard is to follow this link and click sign up!

CLICK HERE -----> Sign Up For MasterCard Payoneer

The good news is that after writing this review, Payoneer Inc contacted me and they created a special promotion where you can sign up and receive a free $25 bonus. Please use this link to sign up and receive $25 when you activate your card.

Now you have to submit your details, on the first step of the order process, add your first name, last name, email address and date of birth and click NEXT:

Select your country from the drop down list. You have option to select Bangladesh or Pakistan. Unfortunately Payoneer MasterCard has stopped working on India. Select your country, add your address (where this card will be mailed to you), enter your phone number and click NEXT:

In step 3 of the order process you have to specify a password and a security question and answer. Please write down the information you have submitted, click NEXT:

In step number 4 you will be asked to submit verification documents. You have the choice to use national ID, passport or driving license. You can use the Govt Voter ID of Bangladesh or your national ID card in Pakistan to sign up. If you have a passport you can use that too.

If you do not have any of them, say you are a minor and have no voter ID, then ask your parents to use their information. For this go back to step one as you will need to use your parent name and details.

Now check all the terms and click FINISH:

You should now receive a message or email of your submission.

Receive & activate your free mastercard

You will receive your payoneer mastercard within 30 days. In Bangladesh it took me roughly 30 days to receive. Some people got it even early within few weeks. I guess in Pakistan, the process is similar.

After you receive your card, log in to your payoneer account and add the digits you see in your card. Add the pin number you want. After that your mastercard will be activated!

Depending on your location it may take 2-4 weeks to receive this card. This will be from a standard postal mail.

Fees?

Although applying and receiving this payoneer mastercard is free of charge, there are some fees associated to maintain this card. So I highly suggest you start working on a marketplace, earn some money to use this card: (click on the image to zoom)

Loading money to your card

I have seen an issue recently that when you get your card first you cannot load money using another card. They require that you load your card from sites like odesk/elance first. I don’t know why they did this thing so before ordering this card make sure you are working on any of these marketplaces and have at least $100 to load.

You can sign up for odesk (a freelance marketplace) and use this as a payment method. From odesk just go to the payment methods and activate the payoneer option. When they ask to sign up for a card, just click that you already have a card and link it.

This card also has the US payment option available.

Basically US payment service is a virtual US bank account. You can use this with Commission Junction to accept ACH/Wire transfers and you can also use it on paypal. 

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