Stress Less on Holiday Expenses

Headphones, clothing, spiffy shoes, video games… a Christmas list can go on and on!  While it’s true that this season is one of the most wonderful times of the year, it can also be one of the most stressful.  Many of us feel the pressure to find the perfect gift – which may come with a hefty price tag.

How do you pay for all the gadgets, gizmos, and gifts? Do you pull out the plastic and throw caution to the wayside, ignoring the guilt and financial pressure? Well, we’re here to tell you there’s a way to spend this Holiday season without the buyer’s remorse!

Did you know the national average of interest rates on credit cards is a whopping 14.95%? YIKES. This is just one of the reasons we are excited to be offering our annual Holiday Loan with a low 1.99% annual percentage rate!

A few key details about the SCFCU Holiday Loan:
- Available now until December 31st, 2013
- Minimum loan is $500
- Maximum loan is $4,000
- 12 month term
- 1.99% APR (WOW!!!)
- Offer available to qualified borrowers on approved credit
- New money only
- No collateral required

We offer this special financing so you can buy gifts for the Holidays at a lower cost than credit cards or other loans. The term (AKA the loan payback period) may seem short, but this helps us encourage and remind our Members that part of being Financially Fit means not over-extending your debt.  In other words, we don’t want you to still be paying for the Holidays during next year’s Holiday season; after all, next Christmas rolls around just 12 months later!

If you’re looking for a way to stick to your budget, stay Financially Fit, and truly enjoy the Holidays, contact one of our Lenders at (320) 258-2190 today – you’ll be glad you did!

­­

Happy Holidays from all of us at St. Cloud Federal Credit Union, where our Mission is to educate, support and encourage our Members to be Financially Fit.

Help Your Credit Score Soar!

We recently posted a blog breaking down the basics of what a Credit Score is for better understanding.  As promised, below is a list we've compiled of ways you can boost your Credit Score and make it soar!

-Pay Your Bills on Time:
Late (aka: ‘delinquent’) payments have a huge negative impact on your overall score.  The more you’re on time with bills, the better your score will get.

-Don’t Open More Cards than Necessary:
Multiple new accounts can start to lower your account ‘age’ and in turn, drop your score as well.

-Be a Responsible Manager:
Having Credit Cards is good, as long as you are good about keeping track of them (limits, payments, etc.).  Having no cards at all can be a higher risk, so be on top of the ones you do have.

-Maintain a Low Balance:
A higher ‘outstanding debt’ can really affect your overall score – it can be lowered over 50 points just by maxing out a card!

-Keep an Eye on your Credit Report:
From time to time, outdated or inaccurate details can show up on your Credit Report – this too can really damage your Credit Score.  Check your Report often, and if/when you see an error file a claim to get it fixed.

-Be Active:
Just having a credit card isn't going to increase your Credit Score – you have to use the card to really establish a strong credit.  Even if it’s a card you only use on groceries, get it – and use it wisely!

Last, but certainly not least --
-Be Persistent:
Improving your Credit Score can take years of diligent spending and dedication to watching your finances – it may not be easy, but we can promise that it will be worth it.  Commit yourself to practicing Financial Fitness today!

Good Credit can be essential to living without financial stress.  If you’d like to talk with one of us, or get help pulling your free Credit Report, call or stop in – we’re here for you!  Our Member’s financial being is always our priority.  We are People Helping People.

Like - Follow - Pin - Connect - Link - Watch - Read

Six Tricks to Play it Safe

At St. Cloud Federal Credit Union the safety of our Members and our community is extremely important to us.  When online, always take extra caution, especially when providing vulnerable information, like card numbers, full names, addresses etc. (most often needed for online shopping).  Here are six tricks to play it safe online …

1. If it doesn’t look ‘legit’, it’s not -

Sometimes it’s hard to tell whether a particular website is legitimate or not, but if you’re questioning it – it’s better to err on the side of caution.  If you’re not sure, look for some ‘red flags’ like automatic pop-up windows, a strange address, or amateur design and layout.  If any of these occur – do yourself and your computer a favor, and exit the site!

2. Look for the ‘S’ -

Credit.com and Identity Theft 911 founder, Adam Levin, recommends you look for the ‘S’ in the “https” portion of the web address.  Not that all http addresses are bad news, but the ‘S’ stands for “secure”; better safe than sorry! 

3. Keep it Current -

Always update your anti-virus software when necessary! This is an extra shield for when you’re scouting out good deals and perusing the web. This also applies to your cell phone lock codes and passwords. 
Public Wi-Fi is great, but you never know who else is
 using it, and for not-so-good reasons.

4. Passwords are Key –

Don’t be afraid to change your passwords regularly (as long as you’ve got a method of remembering them) so that your accounts aren't easily accessible to outside sources.  Don’t stick to simple passwords or use any sort of private information within them.  Some methods we suggest are using both uppercase and lowercase letters, adding numbers and symbols, and avoid using full or popular words.

5. Use ID Theft Protection –

There are many services offered with various accounts (some for free!) that can help you protect your money and your identity.  Many experts suggest using a credit card or pay card because it tends to be easier to see and trace ‘erroneous charges’.  Keep an eye on your statements and don’t overlook anything that’s questionable.

6. Be Social Media Safe –

Just like cycling through passwords can keep accounts fresh and safe, so can avoiding questionable contacts.  If a Facebook post or Tweet looks fishy and out of the ordinary for a friend or business – avoid it.  We’re not saying you have to ‘unfriend’ or ‘unfollow’ that person or brand, but be aware that hackers can send things attempting to look as legitimate as possible. “BitDefender recommends treating messages from strangers as spam – just ignore them” (MSN Money).  Be as social as you want, but be safe while doing it!

Because we know time spent ‘surfing the web’ is always increasing, we always encourage awareness and safety on the internet. We are #PeopleHelpingPeople.


Like - Follow - Pin - Connect - Link - Watch - Read

America Saves Week: Money is like Cake ...

Money is like a cake. When you get that delicious dessert, it can be tempting to eat it all at once. But if you do, you’ll end up with a stomachache, that sugarcoated feeling on your teeth, and perhaps most importantly – no cake for later.  Similarly, if you spend all of your money, you’ll probably end up regretting your splurges – and wishing you had some funds sitting in the bank.

Often, savings strategies are obvious – you set a big piece of cake aside, and it’s there waiting for you. But sometimes, it’s the little things that make that cake disappear.  The following list features both kinds of savings strategies – big ones that work all at once, and little ones that add up over time. All of them can be put into action during America Saves Week, and every single one ensures that you can have your cake and eat it too.

1. Track Your Spending, and Make a Budget
Understanding where your money is going is the best way to start saving, which is why your first step is to make a budget. It might be that, once you make your budget and realize how much you’re spending in certain categories, you can immediately save $100 by making little trims here and there.

2. Negotiate Your Bills
Checking for over-servicing isn’t the only way to lower your regular bills. If you’re not paying a promotional rate for services like cable and Internet, you’re paying too much. Call your service provider, and ask if there is any way you can lower your bill. If they don’t automatically say yes, suggest that you’re going to find another provider. Be patient, nice, and firm, and you can get a better rate.

3. Vow to Reuse, Repair, and Repurpose Instead of Buying New
Every time you think about buying something new, ask yourself – do you really need it, or can you make do with something you already have or that you can borrow from a friend?

4. Get to Know Your Credit Card
Visit your credit card company’s website and read the fine print. Many credit cards offer free benefits that are not well publicized. These benefits may include extended warranties, free tickets, price drop protection, extra discounts, concierge services, and cash giveaways. Of course, you should not use a credit card at all if you carry a balance every month. If you can’t control your spending, consider switching over to a cash-only system.

5. Clean Out Your Pantry
Empty your cupboards, see what you have, and plan meals around the ingredients you want to use up. You’ll slash your next grocery bill, and you’ll help ensure that food doesn’t go stale.

6. Create a “Cheap Fun Club” With Friends
If you’re trying to save money, it can be disheartening when friends invite you to things that you don’t want to spend money on. Instead, be proactive, and invite your friends to share in frugal activities with you, such as potlucks, watching movies at home, and board game nights.

7. Sell Your Stuff
Taking the time to declutter your house and sell your extra stuff has multiple benefits. Not only can you make money getting rid of your old items, but you might also discover other useful things you had forgotten about.


How are you planning to save money for America Saves Week? For more information, visit http://www.americasaves.org/

#PeopleHelpingPeople

  

More on the New 4% Checkout Fee

 It’s a bummer that the newly announced 4% 'checkout fee' was approved, and unfortunately we, as a Credit Union cannot do anything about it.  This added fee is 100% on the Merchant’s end; they make the decision if and how much they’ll charge.  In light of the expressed frustration of many, we hope to answer some basic questions about the new fee and fill you in on what we know.

As of Sunday, January 27^th, 2013, stores can pass the cost of payment processing on to the customers who use a MasterCard or VISA credit card.  The merchant can charge anywhere between 1.5% and 4% per transaction; news sources say typically you’ll see the tax between 1.5% and 3%, but it absolutely cannot be higher than 4%.  For example, if you bought a new shirt for $50.00 using your credit card, a retailer could charge $52.00 for not paying with cash or a debit card. 

There are ten states that are not legally allowed to impose the surcharge, including: California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.  Likewise, during the settlement some retailers had the option to not charge the new tax on its customers – so a bit of good news is that not everyone will be implementing the surcharge.

Q: How will I know if I'm going to be charged?

A: Merchants and retailers are required to clearly disclose that they will be implementing the credit card surcharge as well as the amount.  Look for a sign when entering a store, check your receipt, or online - look on the checkout screen or the homepage.

Q: If I use my debit or check card and select 'credit' rather than debit, will I be charged?

A: No! No matter how your debit card is processed after the sale, surcharging is not allowed unless it is a CREDIT CARD.  This new fee does not apply to purchases made with a debit card, so feel free to continue selecting the 'credit' option when using it!

Q: What stores won't charge me?

A: Various larger retailers like Target, Wal-Mart, McDonald's, Macy's, Toys-R-Us, JCPenny, the Limited brands, and more 'vowed' not to tack on the extra tax to their consumers in any state.  Some claimed that "the new tax threatens merchants' priority to keep prices low for consumers."

Q: Why did this new surcharge happen?

A: The new checkout fee is a result of one of the largest anti-trust settlements in U.S. history.  According to Huffington Post Business News, "In 2005, a group of merchants claimed that MasterCard, Visa, and nine other companies including JP Morgan Chase & Co. conspired to fix the fees that stores pay to accept credit card purchases".  As a result of the case, "the merchants are allowed to charge customers a fee equal to the cost of the accepting card".

For more information, visit http://tv.msnbc.com/2013/01/28/credit-card-users-could-get-socked-with-4-checkout-fee/

Like - Follow - Pin - Connect - Link - Watch - Read