Stephen Colbert Gets Goldman Sachs Credit Card, Hilarity Ensues

Stephen Colbert: fake news personality, Emmy-winner, and credit card thief?

No, Colbert did not steal a credit card, but for a short time this week on The Colbert Report, Colbert did show off a credit card belonging to Buckley T. Ratchford. Ratchford is a partner at Goldman Sachs, and when his lost credit card was found by a writer at The Colbert Report, they decided to have a little fun with it. Colbert said that he would return the lost credit card if Ratchford would come on his show and defend Wall Street bonuses. If Ratchford refused, Colbert would reveal a new digit in Ratchford’s credit card number each night.

Unfortunately, Goldman Sachs’ lawyers were not laughing at Colbert’s prank and sent him a letter demanding that Colbert return the credit card by the end of the day. Before he sent the card back, however, Colbert managed to get in one more jab. On his show that night, he used a carbon paper credit card copier to make himself a copy of the card, and smiling at the camera, he said he would be happy to send it back because, “I don’t really need it anymore.”

Even though Goldman Sachs lawyered up, I think Colbert ultimately comes out as the winner. There is very little sympathy amongst the general public for Goldman Sachs, and though we cannot undo the damage Goldman Sachs has done, Colbert did exactly what we all want to do to Goldman Sachs which is irritate them to no end and mock them publicly.

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MYPLASH Targets Young'Uns with New Pre-Paid Card

Since the Kardashian Kard went down in flames, pre-paid debit cards have been under higher scrutiny from industry experts and consumers alike. Parents are on the look-out for predatory fees and advertising aimed at teenagers. One of the newer pre-paid cards, the MYPLASH Teen MasterCard, is promoting itself as a positive way to “provide teens and young adults a sensible (yet fun) way to manage their money” and refers to customers as “family.” Is the MYPLASH card another Kardashian Kard in disguise, or should parents consider getting the MYPLASH card for their kids?

The good news is that the MYPLASH card doesn’t have as many fees as the Kardashian Kard. There is a $6.95 activation fee, but they are waiving the fee for a limited time. Monthly membership is $4.95 which comes to about $59.40 per year as opposed to $99.95 for the Kardashian Kard. ATM withdrawals cost $1.50 per instance, and checking the account balance is $0.75 per instance. Reloading the card costs $4.95, and there are other odd fees like $2 per month to have a paper statement delivered and $1.50 to send a customer service request by e-mail.

Is the MYPLASH card as bad as the Kardashian Kard? No, but that isn’t saying much. It is kind of like saying that the flu isn’t as bad as the plague. They are both bad, just to varying degrees. The part that worries me about the MYPLASH card is how they are marketing themselves. Besides slapping cartoons, rock stars, and characters from Twilight on the cards, they are claiming on their website that they “don’t charge silly fees” and marketing their product as the alternative to expensive pre-paid cards like the Kardashian Kard. Meanwhile, their full terms and conditions are buried at the bottom of the page, something that people might disregard after being assured that they will be treated like “family.”

In the end, I think that teenagers would benefit more from just having their own debit account. They will learn just as much about money management, and most banks offer free transactions at their sponsored ATMs which eliminates the money wasted on withdrawals and balance checks with pre-paid cards. If pre-paid cards still seem like the best option, make sure to read the fine print. Do not get suckered in by celebrities, sparkly vampires, or promises of fewer fees. No matter what, always check out the Terms and Conditions and make sure you understand what you’re signing up for.

To learn more about responsible credit card usage, check out our YouTube channel at http://www.youtube.com/mycreditspecialist, and sign up for a free credit evaluation at http://www.mycreditspecialist.com.

American Express Supports Small Businesses with Shopper Reward

American Express card holders will get a little something extra back for supporting small businesses this holiday season.

Many shoppers might be immediately drawn into the big department stores and discount stores by advertising and special sales, but American Express shoppers who spend $25 or more at eligible small businesses between now and December 31 will get $25 back on their statement.

I for one think that this is a fantastic idea. People who shop at the big chain stores usually give the reason that they can get better prices than smaller businesses can offer. The $25 credit is a great incentive to buy a couple of gifts at a local shop, and shoppers across the country will be pumping money into their local economy.

If you want to participate in American Express’ “Think Big, Shop Small” program, register at https://enroll.amexnetwork.com/US/sbs, and comment below and tell us where you will be shopping this holiday season!

To learn more about responsible credit card usage, go to http://blog.mycreditspecialist.com, and sign up for a free credit evaluation at http://www.mycreditspecialist.com.

Zynga and American Express: Trading Real Points for Virtual Livestock

A little over a week ago, I heard about how Facebook would be offering virtual credit for Zynga games including Farmville, Frontierville, and PetVille. Since then, however, there has been another huge development for Zynga. American Express has announced that card holders can use their rewards points to buy exclusive virtual items on Zynga games that are not available to non-card holders.

Rewards points, usually used to redeem gift cards, airline tickets, and electronics, can now buy an Amex Lightning Stove in Zynga’s Café World or a Purple Cow in Farmville. Card holders earn 1 point for every dollar spent, and a $100 gift card at Bloomingdale’s, Tiffany & Co., and Amazon can be earned with 18,000 points, approximately 180 points per dollar. Zynga gift cards are $25 for 2,500 points, or 100 points per dollar. Considering that the Farmville Purple Cow is 540 points, the Purple Cow is about $5.40, and the Amex Lightning Stove is 1,945 points or $19.45.

I know that people really enjoy Zynga games. As I said in my previous blog, I am addicted to Frontierville. I understand, however, that Frontierville is just a game. Whether it is 500 points or 2000 points, I am not using my rewards points on virtual livestock or decorations when I could save them up for stuff I could use in real life. It is too early to tell how successful the American Express-Zynga partnership will become, but I hope that people have the good sense not to spend their points on a purple cow. Is it a cute cow? Sure. Is it worth any points, much less 540 of them? No.

To learn more about responsible credit card use, go to http://blog.mycreditspecialist.com, and sign up for a free credit evaluation at http://www.mycreditspecialist.com.

Financial Fail of the Year: The Kardashian Kard

The Kardashian sisters have suffered a number of public relations embarrassments from sex tapes to DUIs. Now they can add failed financial venture to their list of high-profile failures.

The Kardashian Kard, which bore the infamous sisters’ names and faces, has been discontinued after being renounced by almost everyone who took a few minutes to glance at the fine print. Connecticut Attorney General Richard Blumenthal slammed the card saying, “Keeping up with the Kardashians is impossible with this card, where consumers lose money before they use money. Even before consumers spend a dime, the Kardashian Kard fees swallow the card’s value.”

University National Bank who issued the Kardashian Kard has assured consumers that all of the approximately 50 Kardashian Kard holders will be refunded for the amount on the card as well as any additional fees.

I guess the reassuring end to this story is that public pressure can stop predatory cards, and only 50 people were silly enough to get the Kardashian Kard in the first place.

To learn more about responsible credit card usage, go to http://blog.mycreditspecialist.com, and sign up for a free credit evaluation at http://www.mycreditspecialist.com.

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