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MilesEdge Platinum Visa Card

Card issued by FIA Card Services, NA.
Up to $1,000,000 in travel accident insurance.
Auto rental insurance.
Extended warranty protection.
Various travel and emergency assistance services.
Medical referral services.
Legal referral services.
Lost luggage recovery.
Emergency airline ticket replacement.
No liability for unauthorized Internet transactions.
Optional personal photo on card.
Discounts on auto rentals.
Optional Mini Card.
See website for additional benefits.
*See website for complete terms and conditions of card usage and application disclosure. *Terms and Conditions

APR (Purchases): Intro Rate - 0% for six billing cycles. Goto rate is variable risk based rate between Prime + 4.99% and Prime + 12.99%
APR (Balance Transfers): Intro Rate - 0% for six billing cycles. Goto rate is variable risk based rate between Prime + 4.99% and Prime + 12.99%
APR (Cash Advances): 21.99% Variable* minimum 19.99%. (P+15.99)
Finance Configuration: Average Daily Balance (including new purchases)*
Annual Fee: $19
Additional Cardholders: $0
Grace Period: 20 Days (Min.)
Minimum Credit Limit: $500
Maximum Credit Limit: N/A
Late Payment Fee: $19 on balances up to $100; $29 on balances of $100 up to $1,000; and $39 on balances over $1,000
Over-The-Limit Fee: $35
Cash Advance Fee: 3%, $10 minimum
Balance Transfer Fee: None

Reward Program Details:
Points per Dollar in net purchases: 1 Point
Bonus Miles: 1,000 upon first use
Miles Expiration: Up to 5 years (points expire on the last day of your Billing Cycle that closes in December of the fourth calendar year in which they were earned).
Yearly Limit on miles you can earn: 75,000 points

*See website for complete terms and conditions of card usage and application disclosure. *Terms and Conditions
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DID YOU KNOW?

	Homeowners often become very interested in the Federal Reserve Bank system. Every time the board of directors meets, mortgage interest rates are at risk. Federal Reserve Bank The Federal Reserve System acts as the central bank of the United States. Created in 1913, the Federal Reserve sets monetary and financial policies for the financial industry and trades currency with foreign countries. The Federal Reserve also acts as the bank for the federal government. When you send a check in with your tax return, it ends up in the Federal Reserve. The Federal Reserve System is made up of 12 branch offices. The New York office is the primary office with other branches located across the country. The primary job of the Federal Reserve is to manipulate fiscal policy. The goal is to fine-tune the economy to create a stable, predictable situation in which businesses can function. Wildly fluctuating economic keys, such as interest rates, can lead to chaos. In the late 1970’s, for instance, interest rates shot up into the high teens, causing a major economic slow down. The Federal Reserve effectively controls mortgage interest rates in a unique manner. Many people mistakenly believe interest rates are actually set by the Federal Reserve. They clearly are not. Instead, the Federal Reserve directly dictates the rates at which one bank can loan money to another. Let’s take a closer look. Every bank in the United States must hold back a percentage of its monetary assets. Put another way, the bank is forced to maintain a savings account. While this money cannot be loaned to consumers, it can be loaned to other banks. In exchange for the loan, a bank agrees to pay back the loan at an interest rate known as the federal funds rate. The Federal Reserve determines the federal funds rate. When you here Alan Greenspan has increase the rate a quarter point, this is what they are talking about. You are probably wondering how the federal funds rate could possible impact mortgage rates. While there is no direct link, there is a practical one. Banks universally react to the federal funds rate, particularly whether it was raised or lowered. If the federal funds rate is raised a quarter point, you can expect mortgage rates to move up a bit. The bond market also impacts mortgage rates, which is why you will not see the exact same movement as occurs with the federal funds rate. The Federal Reserve System makes a major effort to maintain a low profile. Most people, however, feel it is the real power behind the economy, not politicians.

You see ads for a balance transfer all the time. They come in the mail, especially addressed with your name. They pop up in ads on your computer screen as you work or check your email. These constant reminders may have you asking yourself, “should I use a balance transfer option?” The answer might be yes. However, you should look carefully into the details of the balance transfer option before moving your money around from one place to another.

What is a balance transfer

Put simple, a balance transfer is when you take some or all of the amount of money which you owe to one lender and you transfer that debt to another lender. The second lender pays the bill to the first lender and takes on the debt, thereby becoming the sole lender on the amount transferred. Credit card companies offer strong incentives for the balance transfer because they benefit financially from taking on the debt, since any interest paid will now be profit for them.

Understanding interest rates

The main reason to consider a balance transfer is to reduce your interest rates. Interest is a percentage of the balance which is added on to the balance owed each month in the form of a finance charge. The interest is usually expressed in terms of an APR or annual percentage rate, which is divided by twelve (the number of months in the year) and then multiplied by the balance each month. Many times, a balance transfer option will advertise “zero percent APR”, meaning that no interest rate is charged during the promotional period of the balance transfer.

Switching back and forth

The balance transfer option almost always comes with a limited promotional period. What this means is that you may have a low or zero APR on your balance transfer for four to six months but then the APR jumps up to twenty percent. Before making any balance transfer decisions, you should found out the length of time for which the low balance transfer rate will be in effect and the APR charged after the promotional period of the balance transfer has ended.

Some people keep strict records of when the promotional periods of balance transfer options are due to expire and will balance transfer again to a card with a lower rate just before the promotional period has ended. While this is a good method of keeping your interest rates low, it can reflect poorly on your credit score if you are frequently using the balance transfer option. Instead of making excessive use of the balance transfer option, you should contact the customer service representative at each of your credit card companies and try to negotiate the best interest rate over the longest period of time. In the event that this does not result in a satisfactory rate, you can always use the balance transfer option as a back-up plan.

Responsible repayment

The balance transfer option should not be used to avoid repayment of your credit cards. Instead, it should be used as a method of reducing your monthly bills in order to more efficiently repay any outstanding debt.