Archive for the ‘ VISA Credit Card ’ Category

Understanding Mobile Payments


What once seemed a fanciful or even silly idea — that instead of cash or a card we’d use our phones to pay for stuff — is becoming the norm. Mobile-based payments in the U.S. are projected to reach $142 billion in 2019.

While that’s a lot of growth, mobile payments still make up a tiny fraction of retail commerce. In 2015 they accounted for only 0.2% of in-store sales in the U.S. And that might be because the technology is still somewhat new and perhaps confusing.

Here’s a quick look at mobile payment: how it works, who the major players are and how secure these transactions are.

How it works

Mobile payments really took off in 2014 with the introduction of Apple Pay®. Since then, a number of competitors have popped up, including Samsung Pay® and Google Pay®.

As their names suggest, these mobile payment services are tied to specific devices. Apple Pay works only on newer iPhones and the Apple Watch, and Samsung Pay requires later Galaxy and Note models. Google Pay requires an Android device.

With mobile payments, your smartphone acts as a proxy for your credit card, debit card, loyalty card or metro card. The card info is read into the phone either by taking its picture or by manually entering the number and expiration date.

Apple Pay, Samsung Pay and Google Pay all make use of near field communication (NFC). NFC enables two electronic devices, one of them typically mobile, to communicate via close proximity – say, by tapping the phone to a credit card/phone reader.

Samsung Pay also uses a technology called magnetic secure transmission, which makes it compatible with existing card readers that are not NFC-enabled.

What about security?

Mobile payment systems use a host of security measures to protect transactions from hackers. Each card registered on your phone is assigned a token, usually a string of numbers that represents your 16-digit credit or debit card number. This means your card number is never transmitted or revealed; the token is used to process the payment. It’s similar to how EMV or “chip” cards work, if you’ve come across those.

To complete a transaction, you will also need to input a PIN, use a fingerprint scan, or sign, depending on the particular payment service and the sophistication of the terminal at the checkout counter.

The risk with mobile payments ultimately lies with your accounts, not the payment devices. For example, some financial institutions don’t always have the best procedures to verify that the person adding a debit or credit card to a mobile payment service is the account holder. That makes it possible for thieves to use stolen account information in their own mobile payment app.

Cases of fraud have also been reported in connection with so-called peer-to-peer payment systems that were developed primarily to allow friends and family to send and receive money. In the case of Venmo, a division of eBay’s PayPal, users have reported unauthorized withdrawals that apparently took place as a result of weak authentication controls that let hackers take over accounts.

Many of us already carry our phones everywhere we go, and as more Americans embrace the technology, it’s likely more retailers will install mobile payment readers. Knowing the ins and outs is important before you jump in as well.

Source: NerdWallet, Inc.


The Visa® credit and debit cards offered by Members 1st Federal Credit Union are globally accepted and feature built-in chip (EMV) technology to provide you with an enhanced level of security. Our cards are also compatible with Apple Pay®Google Pay and Samsung Pay® on select smartphones, which means you don’t even have to pull out your Visa card when paying for purchases at the checkout terminal.

To learn more about the Members 1st Mobile Wallet, click here.

To learn more about the Members 1st Visa Credit Cards, click here


Think of what you spend in a day


Have you ever wondered during your daily routine if there was something you could be doing to save you money?  Every day, you make simple decisions that can cost you a good chunk of cash that could be saved and used for weekend fun.  Often times you make these decisions without even thinking of the quick and easy alternative rather than spending money.  Luckily for you there are plenty of simple and cheap swaps you can make to have more money at the end of the day.

In this quick video, you’ll see multiple ways that you can save money that are easy to change in your daily life.  You will see how simple it really can be for you to save money, which will make you and your wallet much happier!  Not only could these cheap swaps save you money each week, but they could also result in saving you time.  Begin applying these easy changes to your daily routine, and start saving some serious cash.

swaps graphic-blog

Members 1st Federal Credit Union can help you manage your money. Click here to learn more.

 

Written by guest blogger Zach Heckert, Marketing intern

2015 Financial Resolutions – There’s still time


couple with billsWe’re one month down, 11 more to go and 2015 will be a wrap. It’s still early enough in the year to review your finances and set goals. If you haven’t made your financial resolutions yet, here are seven tips that can help you achieve financial success.

  1. REVIEW YOUR BUDGET. List your recurring monthly expenses and compare them to your monthly income. Make adjustments or cuts where necessary to prevent dipping into your savings or using your credit cards. For helpful hints on budgeting basics, download our free brochure on budgeting.
  2. COMMUNICATE. Yes, it may be uncomfortable, but it’s very important to talk with your partner about where you stand financially (debt included). Knowing where you are helps you know where you want to be. Learn how to manage money as a couple or when you find yourself suddenly single by reading our free brochure, “His, Hers, Mine & Ours.”
  3. PAY DOWN DEBT. If you have numerous credit card balances, tackle the one with the highest interest rate first and pay the minimum amount required on all of your other balances. Also consider transferring your higher rate card balances to your Members 1st VISA®, which could save you money.
  4. BUILD AN EMERGENCY FUND. Most specialists suggest saving three to six month’s salary in case of an unexpected setback or job loss. Start by putting aside a little from each paycheck now.
  5. AUTOMATE YOUR LIFE. Utilize the Bill Payer feature of Members 1st Online. It’s simple to set up recurring payments to ensure that you’re always paying your bills on time, every time.
  6. THINK BEFORE YOU BUY. Do you really need that item or is it something that you simply want?
  7. MEET WITH A FINANCIAL PLANNER. Our team of Investment Services representatives can help you develop a customized financial plan that will help you feel confident in your goals.* You may schedule a free consultation at any of our branch locations.

If you need additional assistance, we offer free access to money management and financial education services through GreenPath, a financial management program. Through comprehensive education and exceptional service, GreenPath has been assisting individuals for more than 50 years. As a member, you can receive assistance with:

  • Personal and family budgeting
  • Understanding your personal credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure, and repossession

 

 

 

*Registered Representative of INVEST Financial Corporation (INVEST), member FINRA/SIPC. INVEST and its affi liated insurance agencies offer securities, advisory services and certaininsurance products and are not affi liated with Members 1st Federal Credit Union or Members 1st Investment Services. INVEST does not provide tax or legal advice. Products are: • Not FDIC or NCUA insured • Not Bank or Credit Union Guaranteed • May lose value including loss of principal.

Lose Some Debt Weight in 2015


So many bills!

 

Do you have multiple department store or gas cards that you never use? Do you pay annual fees for cards that never see the light of day?  Maybe it’s time to clean out your wallet and lose a little debt weight this year. Here are some tips:

PAY. If you have numerous credit card balances, tackle the one with the highest interest rate first and pay the minimum amount required on all of your other balances. When that one
is paid off, consider rolling that amount into the next highest credit card balance (old amount plus the minimum payment required).

TRANSFER. Consider transferring your higher rate credit card balances and loans to a Members 1st VISA®, which could save you money! Take advantage of our 1.90% APR VISA® Balance Transfer option. Call (800) 283-2328, ext. 6040, visit a branch or log into Members 1st Online » Card Services » VISA® Balance Transfer. This offer is available on balance transfers received through June 30, 2015.*

CHOOSE. Figure out which card you’ve had for the longest amount of time. Make sure to keep this card open, since lenders often see borrowers with short credit histories to be riskier than those with long credit histories. Determine one or two cards to utilize regularly and leave the rest at home. If you have a card that has a low-interest rate or offers rewards, it may be best to keep it open. It’s alright to close those credit cards that you’re no longer using, as long as they don’t have balances and you have other cards.

FOLLOW UP. If you choose to close a credit card, make sure to send a letter to the issuer sharing your decision. Double check your credit report to see if the card is reported as “closed.”

*The 1.90% Annual Percentage Rate (APR) on Balance Transfers using the specific form or online submission is a “Discounted” rate that will be in effect from the time of the posting of the balance transfer to your card account for six consecutive billing cycles afterwards, which will be considered the promotional period expiration date of that specific balance transfer. After the expiration of your “Discounted” rate the remaining unpaid portion of the original balance transfer request will be subject to your normal APR as outlined on your monthly statement based on the specific Members 1st FCU credit card selected. Consumer Cards (Business Cards are ineligible) may have up to 10 individual balance transfers open at any given time period. If you default through becoming 60 days or more delinquent we may increase your APR on the balance transfer and other balance amounts as defined within the cardholder agreement and disclosure, which is provided upon card issuance and available online at http://www.members1st.org. All payments received on your account in excess of your minimum payment requirement will be applied first  to the highest rate balances, secondly to the lowest rate balances and finally  to new purchases. All rates are effective as of January 1, 2015 and this offer may be withdrawn at any time. Other restrictions or conditions may apply. You may not pay off your current Members 1st loans or lines of credit by using this balance transfer option. For current rates, fees and other cost information, please reference the Visa Balance Transfer disclosure or contact the Members 1st FCU Card Services Group at (800) 283-2328, ext. 6035. We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

 

Your Picture Can Protect You


Image

As the saying goes, “a picture is worth a thousand words.” For us, your picture provides an extra means for protecting your identity from scammers. Just talk with an associate the next time you visit a branch. If we don’t have your photo on file, it will take less than 30 seconds to add that extra layer of security to your account. Then, the next time you – or someone else – attempt to make a transaction, the associate will see your photo and be able to confirm your identity. As CEO Bob Marquette says, “The fraudsters are thinking every day how to part people from their money, so that’s one thing we’re constantly trying to stay one step ahead of.” Right now, we’re the only financial institution offering this kind of identity protection.

We also offer card personalization! As an added security measure, you can choose to place your own photo on the front of your VISA® debit or credit card, too. For more information, click here.

Also, make sure to check out our Fraud & Security Center for valuable resources and tips for protecting yourself and your financial assets. Click here for more information. 

5 Financial Resolutions for 2014


financial goalsAccording to a Marist poll, a whopping 44% of Americans make some sort of New Year’s resolution. If you’re one of the 12% that are setting new financial goals for 2014, the tips below offer practical, sustainable changes that can substantially transform the weight of your wallet. Since these activities are effective even as short-term goals, they should help you maintain your resolutions long after January 1. Read on to get started.

Set aside at least 10% per paycheck
It’s easy to get swept up in spending spree fantasies when you receive your paycheck, but don’t forget to set apart a percentage of your income for your savings account. The key word is percentage. If you save in proportion to your income, your savings can adjust to any sudden changes in pay—for better or worse. This takes the pressure off of having to save a set amount each month.

Try to make your savings contribution as seamless as possible. Some direct deposit options allow you to send a certain percentage of your income straight to your savings, before you have a chance to see it. If you don’t have that option, set aside money manually. To do this with discipline, it helps to think of your real income as your paycheck minus savings. If it helps, start at a modest 10%—which is the minimum generally recommended—and over time steadily increase the percentage of your paycheck you contribute to savings.

The key is to let the savings build—set up a special savings account if you need to remind yourself not to dip into them.

Pay high-interest debt first
Look over your loans and credit card bills and sort them out in order of interest rate. Paying more than the minimum on the debt with high interest will save you incredible amounts in uncharged interest. Even if your other balances continue charging you interest, so long as you make the minimum payments and maintain the low interest rates, you’ll be ridding yourself of the fastest-growing debt.

In addition, when you finally free yourself from the worst of your debts, you’ll not only have fewer payments to make, but you’ll feel fantastic knowing you avoided extra debt. Confidence from your previous success will make paying off small-interest debts that much easier and bring you one step closer to financial freedom.

Consolidate your credit
Another way of securing lower interest rates (and paying less in the long run) is by consolidating your credit card and loan bills. Consolidating means combining your outstanding debts, or transferring outstanding balances, onto a new loan or credit card with a lower interest rate. The main benefit of debt consolidation is that you can exchange the high interest rates of your previous loans or lines of credit for the lower rate of the new one.

However, keep a sharp eye out for any deals that seem too good to be true. Sometimes, lenders will initially give you fantastically low rates, and then jack up the interest as soon as the promotional period expires. Be careful to read the fine print, or consult a professional, before committing to a loan consolidation.

Learn more about the balance transfer options at Members 1st Federal Credit Union.

Automate and synchronize payments
Automating your loan and credit card payments can help you avoid those pesky late-payment fees or hiked up interest rates. Late payments reflect badly on your credit score, so anything you can do to avoid missing the due date helps. Automated payment services like online bill pay or direct debit are easy to set up and require little to no maintenance.

Keep in mind that we have the biggest tendency to overspend when we forget our debts and think of only the positive number in our accounts. Timely, regular and synchronized credit card payments will keep your brain (and your eager, spending heart) in check.

Get your free credit report
If you use credit, it’s always helpful to have a credit report on hand. A credit report tells lenders all the details about your past credit use, payment history and total credit available under your name. It’s best to know exactly how your credit is doing in what areas, so you can make specific changes in your faulty credit habits. Luckily, through the Fair Credit Reporting Act (FCRA), you are entitled to one free credit report each year from each of the credit bureaus: TransUnion, Equifax, and Experian.

To get a better sense of how your credit is doing throughout the year, order one of your free credit reports every 4 months.

Last word
The best thing about these resolutions is that they are each practical enough to start immediately—even today—yet, they also promise to significantly improve your finances in the long run. Half the battle of keeping resolutions is your ability to feel good about what you’ve accomplished in the short-term, and these changes allow you to hit rewarding milestones along the way to accomplishing your bigger, long-term goals. With a little prioritization, effort, and discipline you can proudly make 2014 your best financial year yet!

Note: Members 1st offers free access to money management and financial education services through GreenPath, a financial management program. Through comprehensive education and exceptional service, GreenPath has been assisting individuals for more than 50 years. As a member, you can receive assistance with:

  • Personal and family budgeting
  • Understanding your personal credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure, and repossession

Guest blogger: Nico Leyva of NerdWallet

 

 

 

 

%d bloggers like this: