Want to be in the running for a $60,000 mortgage payout? You can be if you have a Wells Fargo mortgage as well as a Wells Fargo Online Banking account. If you aren’t yet a WF online banking customer, you should consider signing up. Once you have an online banking account, click on your mortgage account and you’ll be automatically entered into the $60,000 sweepstakes. Sounds good?

Wells Fargo Home Mortgage Sweepstakes Details

Here are a few notes about this giveaway:

1. You don’t need to purchase anything to join or win the sweepstakes.

2. The sweepstakes is only open to legal residents of the continental United States and who are WF Home Mortgage customers by 9/30/09.

3. You have to be 21 years or older to participate.

4. You are eligible to join even with a first mortgage loan originating on or before 9/30/09 and which has since transferred to Wells Fargo Home Mortgage by 10/22/09.

5. The sweepstakes will be open till 11/25/09.

The Prize! What Do You Get If You Win?

Here’s what the Wells Fargo page says about this:

What do you win? Winners will each receive the total amount of their respective Wells Fargo Home Mortgage payments for 12 consecutive months up to a maximum of $60,000 based on their 11/20/09 principal and interest payments.

The drawings will be held around 10/26/2009 (first drawing) and 12/11/2009 (second drawing). So entries that are received from 10/1/2009 up to 11/25/2009 may be eligible for this event.

For more information on this, check out this page.

Wells Fargo Home Mortgage Sweepstakes Worth $60,000 is a post from: Banker, Saver

This is a guest post by Mr Credit Card from AskMrCreditCard.com. Mr Credit Card has a credit card review site where you can apply for credit cards. Today, he is going to educate us on whether brand specific retail credit cards are worth getting.

When you head to a department store, whether it is a Sears, Best Buy or Victoria Secrets, chances are that when you check out and pay, the cashier will ask you if you want to get their “branded credit card”. You will be offered discounts for your first purchase! Many times, it is extremely tempting to go ahead and pick up such a card. But more often than not, getting these “branded” cards does not make sense. But first, let’s look at how they entice you.

The Benefits of Branded Retail Credit Cards

Reward Points – The branded cards allow you to earn points for every dollar that you spend on the card. Most of the time, you simply exchange points for gift cards which you can use at stores.

Discounts on First Purchase – This is what most people fall for. Let’s say you make a huge purchase; now the cashier will tell you that once you are approved, you’ll get 10% off. When the bill is $200, 10% off looks like a no brainer!

Free Shipping – Branded store cards (such as those by GAP and other similar retailers) offer free shipping when you use them. If you shop online and rack up a certain amount on these cards, you get free shipping. This is a helpful feature if you often buy stuff online.

Periodic Sales – Here’s another benefit of branded store cards: they offer occasional discounts to their card holders. This benefit is not available to anyone else.

Periodic Financing Deals – Aside from discounts, some store cards will give periodic attractive financing terms (sometimes 0% APR) to card holders if they buy stuff above a certain amount by a certain date. These promotions are popular with some folks.

Will Accept Folks With Bad Credit – There are two types of branded retail cards. The first type is a store card that can only be used at that retail store. It is not a Visa or MasterCard. The second type is a branded store card that is issued as a Visa or MasterCard. The non-Visa or Mastercard store cards are popular with people with poor credit history and folks who have just come out of bankruptcy. This is because it is relatively easy to get approval for these cards.

The Disadvantages of Branded Retail Cards

High Interest Rates – Most of these cards have high interest rates. The APR for these cards won’t be in the single digits. In fact, Home Depot mentions on their site that only half of the applicants of their Home Depot credit card get an APR of less than 25.99%!

No real benefit to use outside their stores – If you have a store card, you can only use it at that particular store. If you have their Visa or MasterCard, these cards are pretty much redundant with other cards that you may already carry. So what other use do these cards serve? It’s often the case that many folks get many store cards needlessly.

Their rewards are available in other programs – The biggest argument against store cards is that you do not need such a card to get special perks. Most of the retailers and hotel chains that offer branded cards are guilty of robbing their own cards of their exclusivity. Let’s look at a few examples:

Marriott Hotel has a credit card which is co-branded with Chase. But most credit card rewards programs already allow you to earn and redeem points for visits and stays at Marriott Hotels! Another example is the Best Buy credit card, which allows you to earn 4% rebates when you use this card at Best Buy stores. But by using the Discover Card instead, you’ll earn 5% rebates when you shop at BestBuy.com!

Another example is the Sears credit card. You can earn double points if you have the card and enroll in the Sears Choice Rewards Select Membership program. But this costs $25 annually. With the no annual fee Discover Card, you earn 5% cash back for shopping at Sears.com!

So these are just a few examples of branded retail cards that have become redundant because their issuers have robbed the exclusivity of these cards by partnering with other credit card programs!

Should You Get Branded Retail Credit Cards?

More often than not, the answer is no. But there are some exceptions. For example, I know someone who’s been visiting Disneyland annually for the last 10 years. His family just loves it! So someone like this may benefit from carrying a Disney card. But even if you shop frequently at a store (say Sears), it’ll be hard to justify spending enough to earn the rewards from this card. Because you can earn cash rebates from so many other credit cards, it simply does not make sense to get store cards.

But what if you have poor credit or have just come out of bankruptcy, and are looking for a card? Many retail stores will be happy to issue you their store cards. But you’ll have the inconvenience of only being able to use them exclusively at their store. A better alternative for you may be to pick up a secured credit card.

Should You Get Branded Retail Credit Cards? is a post from: Banker, Saver

Tired of living with low interest rates in savings accounts? Maybe you should consider CD laddering.

Heard the phrase, but not sure what it means? A CD ladder. Sounds like a product to stack your music. I wouldn’t say that the phrase is familiar to me, but the concept is.

A CD is a certificate of deposit, a guaranteed investment for your money. Because it is guaranteed, you are purchasing something that has a stated rate of return or interest you can earn on that money. Laddering your CDs is a popular strategy in which you purchase CDs with staggered maturity dates.

CD Ladder Basics: Diversifying With Certificates of Deposit

The purpose really is to fit CD laddering into your investment portfolio with a set time frame between roll over of the deposits. Traditional planners may suggest rollovers to take place annually, so that every year you will have an investment come due and can make decisions based on your current (and the current market) situation. Typically, you would roll that investment over, ensuring that its maturity date follows the course of your other investments.

Building a CD ladder can be done without professional help, if you prefer. Choose a financial institution, bank or credit union that offers a good rate of return and with terms you are comfortable with. Instead of putting all your eggs in one basket, stagger the purchases’ maturity dates. Once one CD matures, roll it into a new one.

Even experienced investors who are comfortable with a high degree of risk should consider purchasing CDs as part of their portfolio. A good financial planner can help stagger your guaranteed investment purchases and build a well rounded portfolio based on your needs and risk tolerance.

How’s My CD Ladder?

Given this year’s lower bank rates, it was discouraging for me when the CDs I purchased four years ago came due in April of this year. Regardless, I stuck to the strategy with the hopes that when the next CD comes due, rates will have increased somewhat and I can purchase the next one at a little better rate. I try to look at it as riding a wave. The good with the bad and all that. If my plan was a solid one ten years ago, I should be prepared for the swings in rates like the one we are seeing now: I’ll have to take the low interest rates with the high rates. Still waiting for the high, mind you.

There have been times over the past year that investing in anything guaranteed seemed like the wrong thing to do, with rates being so low. The way I look at it, any money put away is guaranteed: even with low returns, this money is safely put away. With that comes security and peace of mind. Don’t be afraid if you are only able to put a small amount into each step of your ladder, some money is better than none.

In this very low interest rate environment, there are certain thoughts out there in the financial field that laddering, while still a solid strategy, may be viewed slightly differently now. Some financial experts are suggesting that we shouldn’t purchase any CDs for longer than one year right now. They’re recommending that we make our ladder steps shorter, by purchasing the very best four and six month products. By keeping our ladders shorter with maturity dates closer in the future, we can take advantage of higher rates once rates start increasing, and we won’t be locked into three year investments at 1.5%.

As with any investment strategy, you should do your homework and research all your options. Financial institutions want and need your business, so shop around for the best rates and get professional financial planning advice when you aren’t certain about how to proceed.

I think that CD laddering is a great way to diversify your investment portfolio and allows you to stay fairly liquid even with bank products that aren’t normally considered as liquid. You can then take advantage of the relatively higher rates of CDs (as compared to most regular savings accounts) and still lay claim to your money during certain times of the year, in case you need the liquidity.

CD Ladder Basics: Diversifying With Certificates of Deposit is a post from: Banker, Saver

Check out the latest promotion from Chase bank.

For quite sometime, my husband owned a Chase bank account while I didn’t. Instead, I had opened both personal and business accounts with Washington Mutual. But then as fate would have it, Washington Mutual was bought out by JP Morgan Chase, so now my WAMU personal and business accounts have ultimately ended up with Chase through no deliberate action of mine. But here’s something I found out as one of their new customers: if you’re opening a new Chase business checking account, you may qualify for a $100 bonus.

This Chase promo is valid from June 10, 2009 to August 28, 2009. This means that there’s still plenty of time to take advantage of a sweet deal. There is one catch: where you live. Only certain states are participating in this Chase business promotion including: IL, WI, MI, IN, NY, CT, NJ, OH, WV, KY, FL, LA, OK, TX, CO, AZ, WA, ID, OR and UT. Unfortunately, this offer is only applicable in these states.

Open A Chase Business Checking Account And Get $100!

So what do you need to do to get the one hundred bucks? You need to open a Chase business account with a $500 minimum balance within thirty days to qualify for the money. To open the account, you simply print this coupon (the promo is over) and bring it to a local Chase branch to get started. From my experience opening business accounts, I recommend that you also bring your certificate of doing business, two forms of identification and your federal and state tax identification numbers.

The account must be opened with funds that are not currently on deposit with Chase or any of its affiliates. This means I can’t use my existing WAMU money to qualify for this Chase promo since account conversions don’t count. Also, only one business banking bonus is applicable per year so people who open multiple accounts will only be eligible for receiving the bonus one time.

You can open the account with less but you’ll need to have $500 or more on deposit within 30 days of account opening. This gives you 30 days to come up with a minimum of $500 to qualify for $100. For small businesses such as myself, it’s a decent window of opportunity to raise enough cash to get a significant bonus.

Once you establish a minimum account balance of $500, the $100 is automatically deposited into your business checking account within 10 business days. It sure seems like an easy way to make an extra hundred dollars to me!

Certain Chase business accounts qualify for this promo, including:

• Chase Business Classic Checking
• Business Classic Checking With Interest
• Chase Advanced Business Checking
• Advanced Business Checking with Interest
• Commercial Checking
• Commercial Checking with Interest
• Chase Business Plus Extra Checking

Businesses of all types and sizes have an opportunity to cash in on the $100 bonus while getting an account specifically geared toward their needs.

While it’s only been a couple of months, I’m completely satisfied with my Chase Business Classic Checking account. It’s free because I have a qualifying personal checking account with Chase. If you have a business debit card or maintain a minimum balance, it’s also free. You’re allowed up to 200 transactions monthly and up to $5,000 in deposits.

To open a Chase BusinessClassic account, you only need $25. Then you just have to get that remaining $475 in the account within the next 30 days in order to qualify for a cool $100 bonus. Remember that when you do your taxes, the cash bonus might be considered interest that you’ll need to report on your IRS Form 1099-INT.

Contributing Writer: Stacey Doyle

A New Chase Business Checking Account Gets You $100 is a post from: Banker, Saver

If you’re worried about inflation, there are certainly many ways to hedge. You can do it via the stock and real estate markets, but what if you may want something more liquid and less risky than this? Well, there’s always U.S. Treasury Inflation Protected Securities or TIPS or this other product called the I-Bond. Here are a couple of helpful definitions:

TIPS. The principal of a TIPS rises with inflation and falls with deflation, as measured by the Consumer Price Index. When a TIPS matures, you’ll receive the adjusted principal (based on inflation rates) or original principal, whichever is greater. TIPS pays out a fixed interest rate every 6 months, and its interest payments, along with the principal, also rise and fall with the inflation rate.

I-Bonds. These bonds are similar to other savings bonds except that its interest rate is adjusted according to the inflation rate every 6 months. But you’ll need to hold on to this for at least 5 years or you’ll get a penalty for redemption (equivalent to interest earned over the last 3 months). Note that I-Bonds’ interest is accrued until the bonds are redeemed.

But I also wanted to do some research and find out if there’s anything else available beyond this that a bank would carry.

From what I’ve read, there seems to be such a product that was made available some years ago called the CDIP. It’s called an “inflation-protected certificate of deposit” or CDIP which is supposed to work similarly to TIPS. Here’s how they’re supposed to work by definition: this type of CD pays a rate of interest that’s fixed and is pegged to the inflation rate. Their returns are adjusted according to the inflation rate, which is determined by the Consumer Price Index (CPI). While they’re similar to regular CDs in that they pay a fixed interest rate, their payment schedule is different, since their returns are paid out every 6 months. Basically, the CDs are linked to how inflation moves. Like any other regular CD, they’re also FDIC insured.

Now what happens if the inflation rate just keeps declining during the CD’s term? When the CD reaches maturity, you’ll get your full principal back. That’s possibly the worst that could happen in this case. Sounds all good right? I thought so, now that inflation may be gearing up in the near future, no thanks to the stimulus packages that our government has been churning out these past few years.

So I went about in search of these CDIPs and here’s what I’ve learned: there were a couple of affiliated banks that had introduced this bank product some years ago — LaSalle Bank and Standard Federal Bank which were at one point held by the same company — but it looks like these banks have been swallowed up by Bank of America a couple of years ago. And along with that sale, it appears that the CDIP is no longer available. Of course, if it is, it would be great to hear about it! Let us know if you hear of this financial product being sold anywhere.

Then again, with interesting, new-fangled bank products, there are also fees to consider. And I’ve read that because the CDIP had been sold through financial advisers and brokers exclusively, that you’d have paid extra (through fees or lower rates) if you opted for its purchase.

Now I wonder if the CDIP will make a comeback sometime, especially when inflation starts to pick up and rear its ugly head. Then again, if it doesn’t, there’s always your trusty TIPS and I-Bonds to turn to.

Is The Inflation Protected Certificate of Deposit Still Around? is a post from: Banker, Saver