Chase Sapphire Card

Unlike other banks during the recession, JP Morgan Chase remained somewhat stable.  While Bank of America and Citibank continue to report losses and layoffs, Chase has stayed out of the spotlight, performing business as usual.  This of course is not to say that Chase has sailed along during the recession unscathed, but they were well positioned enough to maintain a level of strength throughout.  Strong enough is Chase, that they've introduced a new group of credit cards that includes Chase FreedomSM (a cash back card), SlateSM from Chase (a 0% APR card), and now Chase SapphireSM (a points credit card).

Looking at the reward structure for the Chase Sapphire card, it's fairly straightforward as 100 points is generally equal to $1 in rewards, making the card a 1% rewards card. Chase recently decided to configure a one stop shop for rewards called Chase Ultimate Rewards where all Chase cards generate the same rewards points that can be combined and redeemed for merchandise, cash back, travel and more. The Chase Sapphire card has the following opportunities available for rewards points:

• Double Rewards on all airfare booked through their Ultimate Rewards program
• 10x Rewards on all purchases made through their Ultimate Rewards Mall (Essentially a 10% rebate)
• One point for all other purchases

In addition to the standard rewards program, Chase Sapphire offers 10,000 bonus points after your first purchase. Essentially, Chase is giving you a $100 bonus reward after your first purchase, which is certainly a nice chunk of change! The points are credited six to eight weeks after your first purchase, so if you don't see them right away, not to worry, they will be there.

The Chase Sapphire card is designed for those with above average to excellent credit and with a non tiered APR of 12.24%, (meaning everyone approved will receive this APR) the Sapphire Card has one of the lowest APR's available today.  The Cash Advance APR is 19.24% and in addition to the APR you can expect a 3% cash advance fee, which is pretty standard.

In regard to balance transfers, the Chase Sapphire card offers no introductory offer, however they do allow for standard balance transfers.  The cost of the balance transfer is 3% of the total amount (no cap) and the interest rate on the transfer is 12.24%, which you can expect to start the first day you have transferred over the balance of another credit card.

Since October of 2008, credit card issuers have continued to scale back rewards and introductory offers while increasing APR's and fees.  Recent legislation has limited the ways in which a credit card issuer can cost you more money, however this also means that issuers like Chase, Citibank, Discover and others need to find other ways of becoming profitable.  It's going to be rare in the near future to find a credit card that offers free cash for signing up and backs it with a pretty low APR so you should take advantage of the Chase Sapphire card now, while the offer is still around.

Orchard Credit Card Online Application

Credit card companies pull your credit when you apply for a card. This inquiry into your credit history actually lowers your credit score. Only after they pull your credit do they then evaluate your card application. Even if you are denied or don't get offered the card you wanted, your credit score takes a hit. If you are struggling to build your credit, this is the last thing you want. Orchard Bank credit cards take a unique approach that protects your credit and tells you in 60 seconds what cards you qualify for. Here's how it works.

Rather than taking a full application right up front, Orchard Bank We pre-qualifies you for the card(s) that might be of interest to you before you apply. You can then see which card(s) you have a better chance of being approved for. This initial process only takes abou 60 seconds, and then you can apply for the card(s) you are more likely to be approved for.

Here how the card selection process works:

1. Complete Orchard's secure inquiry form and select the Submit button. Orchard attempts to pre-qualify you in as little as 60 seconds, without affecting your credit score!
2. View the credit cards you're actually pre-qualified for. Orchard's process takes out the guesswork.
3. Choose the credit card you like best, then select Continue.
4. Read the terms and conditions of the credit card you've selected and if you agree to the terms, then click Submit Application and Orchard will process your application.
5. Complete any additional steps, like choosing a card design, and your application is done!

And if you're not interested in any of the cards Orchard offers you during the pre-qualification process, you don't have to apply and no other creditors will even know you inquired about an Orchard Bank credit card. As you will see below, Orchard Bank charges an application processing fee and annual fee for most of its cards. These fees, however, do not apply to the pre-approval process described above. These fees only come into play if, following the pre-approval process, you apply for a card and are approved.

Orchard Bank offers two types of credit cards, a traditional card and a secured card. The traditional credit card, which we'll look at first, comes in three different versions.

Orchard Bank Classic Cards

The Orchard Bank Classic credit cards are ideal for those looking for a card they can use on a daily basis and that builds their credit. Orchard Bank offers automatic monthly reporting to the three credit bureaus. The Classic Card is offered in three different cards.

Orchard Bank® Platinum MasterCard®

The Platinum MasterCard offers a variable interest rate on purchases ranging from 14.90% to 19.90%. The card charges no account processing fee and an annual fee of $39 to $74 depending on the applicant's credit. The card has these additional features:

• Platinum MasterCard Benefits†
• Free online account management tools
• Your choice of payment due dates
• Zero Fraud Liability Protection

Orchard Bank® Gold MasterCard®

The Gold MasterCard offers similar features as the Platinum card, except that it does charge an application processing fee of $19 to $39 and an annual fee is $74 to $79. The exact fee charged will depend on the applicant's credit and can be determined by the pre-approval process described above. The interest rate on purchases is variable and ranges between 14.90% and 19.90%. Here are some additional card features:

• Gold MasterCard Benefits†
• Free online account management tools
• Zero Fraud Liability Protection

Orchard Bank® MasterCard®

Finally, the MasterCard from Orchard Bank carries the same regular APR as the other Classic Cards. It does charge an application processing fee of $19 to $49 and an annual fee of $49 to $74. Here are some of the card's features:

• On-Call Customer Service Representatives
• Free online account management tools
• Zero Fraud Liability Protection

Orchard Bank® Secured MasterCard®

Orchard's secured MasterCard is ideal for those struggling to build credit after a bankruptcy, divorce or other life event that has damaged a person's credit score. A secured credit card works differently than a traditional MasterCard or Visa. With a secured card, the cardholder must deposit cash with the credit card company to secure payment of any future credit card charges. In the case of Orchard Bank, the minimum deposit amount is $200, and you do earn interest on the deposit.

Unlike a prepaid card or debit card, however, charges to the card are not deducted from the deposit. Instead, cardholders make monthly payments on the card just like any other credit card. The benefit here is that these payments are reported to the credit bureaus to help you build your credit. The other benefit is that the interest charged on any balances not paid in full is just 7.90%. Here are some of the secured card's features:

• Reports to 3 major credit bureaus
• Earns interest on your deposit
• Your choice of payment due dates
• Zero Fraud Liability Protection

Hans Peter Luhn patented an algorithm in 1954 which would forever be known as the Luhn algorithm. For those not familiar with the term, an algorithm is just a series of instructions used in mathematical applications to complete a task or problem.  Anyway, the Luhn algorithm is particularly fun because every credit card and debit card number in the US follows this set of rules.  The reason that every credit card Issuer uses this algorithm is not to prevent fraud or identity theft, but rather to identify accidental errors in manufacturing and distributing credit cards.

Using the credit card example below, let's take a look at how the Luhn algorithm works.

Here we have a basic credit card with a 16 digit number (note that the last four digits, 9123, are a little difficult to see).  In order to see if this card's number is real, we need to follow a few easy steps. First we identify the check digit, which is always the last digit on the credit card.  In this instance, the check digit is 3.  Then we double every other number, starting first with the number to the left of the check digit, which in the example above is 2 . Our new credit card number is as follows:

(10)4(2)2   (14)5(6)4   (10)6(14)8   (18)1(4)3

Any double digit number needs to have it's single digits added together to create it's own single digit number.  After completing this step we have a new number which reads:

1422   5564   1658   9143

If we add up all of these single digits, and the total is divisible by 10 (without a remainder) we have ourselves a valid credit card number.  Unfortunately for all you fraudsters out there, the number we have adds up to 66, which is not divisible by 10, making the credit card above, a fake.

• Keep track of due dates for bill payments
• Review all of your spending across multiple bank and investment accounts
• Consolidate rewards statements for hotel and frequent flyer points
• Calculate your total net worth
• Set email alerts for almost anything

The personal finance management space has become extremely competitive lately. The American Express Money Manager distinguishes itself by offering a free online tool that can manager all of your accounts (not just your Amex cards) and investments in one place. Of course, the tool is just for those who carry an American Express card. For a deeper look, press play on this neat video:

Now let's dive in to some of the best money articles from the past week.

• 22 Reasons Why You Should NOT Go Out and Buy Windows 7 @ Enemy of Debt: Have you ever wondered who the Jones' were and why people wanted to keep up with them?
• The Cost of Being a Dude @ Budgets are Sexy: Looks like us guys have it easy doesn't it?
• How Much Can You Save By Negotiating On Craigslist? @ No Debt Plan: The art of negotiating is a tricky one.  Make sure you have a game plan going in.
• Which is Better For You:  Term or Whole Life Insurance? @ Own The Dollar:  I guess the bottom line is whether or not you plan to die now or later.
• What The Movie Wall Street Can Teach Us About Greed @ Bible Money Matters: I think the real Wall Street has taught us something about greed over the last 12 months.
• Are We Qualified to Invest on Our Own? @ The Oblivious Investor: A very interesting point made ... just make sure not to take it personally.
• How Much Should Unbiased Financial Advice Cost? @ The Finance Buff: Maybe it's time you look for a newer and cheaper financial advisor?
• How To Keep a Customer Happy @ Brip Blap: Happy customers means more money, and more money means happier you!

PerkStreet Financial Checking Account

PerkStreet Debit Card

Coffee Perk: Earn 1% for all non-pin transactions that can be redeemed for gift cards at coffee shops like Starbucks and Dunkin Donuts.

Music Perk: Earn 1% for all non-pin transactions that can be redeemed for gifts at iTunes, Amazon, or Rhapsody.

Cash Perk: Earn 1% for all non-pin transactions that can be converted into any one of several gift cards, including Amazon, the Gap, Target, and Best Buy.

Note that the rewards are paid for non-pin transactions. When you use a debit card at a retailer, you often have the choice to use the card as a debit card (where you have to enter your PIN) or as a credit card (where you have to sign the receipt). The cash back and other rewards for this debit card are earned for all non-pin transactions only.

Online Rewards Checking

The online checking account at PerkStreet Financial has some solid features:

• $50 Sign Up Bonus: New accounts receive a $50 bonus once the account has been opened for three months.
• No Minimum Balance: It takes just $25 to open an account. After that, there are no minimum balance requirements.
• No Monthly Fees: There are no monthly maintenance fees if you use your account.
• No ATM Surcharge Fees: PerkStreet has 37,000 ATMS nationwide that account holders can use without a surcharge.

In addition to a nationwide network of ATMs, you'll also find PerkStreet ATMs in various retail stores, including Target, CVS, Rite Aid, Walgreens, 7-Eleven, Circle K, Giant, and Costco. Finally, PerkStreet is upfront with the fees that it does charge. For example, if a customer overdraws their account, PerkStreet may cover the overdraft, but will charge $30. The key is that they clearly disclose these fees--no surprises.

Here's a summary of what the PerkStreet online checking account offers:

Free Online Checking

• Awesome perks - 1% cash back, free music or coffee.
• Sign up today and get a $50 bonus.
• Largest national surcharge - free ATM network.
• $0 minimum balance requirement. Apply in 5 minutes.
• Free checks, online banking and billpay.

Apply Now!

Remember, you only get 5% cash back on gas 3 months of each year (for 2009 that has already passed). Also, until you spend $3000, you only get 0.25% to 0.50% cash back (specifically, you get $3.75 cash back if you spend exactly $1500, or $11.25 cash back if you spend exactly $3000). Compare that to a true (tierless) 1% cash back card, where you would have earned $30.00 if you spent exactly $3000, almost 3 times more!

The analysis is interesting, although it assumes that none of the $3,000 charged to the Discover More Card qualifies for the 5% cash back. In response to the comment, I began researching credit card deals that pay out cash, gift cards, or miles just for signing up or making an initial purchase. Here are the current deals I uncovered:

Chase Freedom--$50 Cash Sign Up Bonus

The Chase Freedom credit card offers a $50 cash bonus after your first purchase with the card. Here are the details:

You will receive $50 in bonus rebates with this bonus offer, which can be redeemed for a $50 check. You will qualify for and receive your bonus after your first purchase/first use of the card. First purchase/first use includes purchases, balance transfers, or any checks that are used to access your account, and excludes cash advances. After qualifying, please allow 6 to 8 weeks for bonus rebates to post to your account. This one-time bonus offer is valid only for first-time cardmembers with new accounts. Existing cardmembers/accounts are not eligible for this bonus offer.

The $50 bonus is in addition to the 1% to 3% cash back rewards and 0% on purchase for up to 12 months. For more information, you can read this Chase Freedom review or get more details from Chase at www.chase.com/freedom.

Citi Forward--11,000 Points Worth Nearly $100

Citi Forward offers two ways to earn up to a total of 11,000 bonus points. First, you can earn 6,000 bonus points by making just $250 worth of purchases in the first three months of card membership. Second, you can earn 5,000 bonus points when you sign up for paperless statements within three months of account opening. The combined 11,000 bonus points can then be redeemed for gift cards at popular retailers such as Lowe's, The Gap, JCPenney, and Kohl's.

For most gift cards, they can be redeemed in $25 increments in exchange for 3,500 points. Several retailers, however, offer special deals where you can redeem about 10,000 points for $100 gift cards. L.L. Bean and Land's End offer this deal, for example. On top of the bonus points, Citi Forward also offers 0% APR on purchases and balance transfers for 6 months. To get more information on the card, you can read this Citi Forward review or get more information from Citi at www.citi.com/forward.

Starwood Preferred Guest Card by American Express--25,000 Bonus StarPoints Good for Up To 3 Free Nights

The Starwood Preferred Amex is one of the most rewarding all around travel reward credit card deals. And the card has two was to earn bonus Starpoints. First, earn 10,000 Starpoints® with your first purchase, wich is enough for up to 3 free nights at a Category 1 or 2 hotel. And second, earn an additional 15,000 Starpoints when you spend $15,000 in 6 months, enough for up to 3 free nights at a Category 1 or 2 hotel.

You can also redeem your Starpoints for gift cards at popular retailers. For example, 25,000 Starpoints are enough for a $250 Amazon gift card. Starpoints can be redeemed for gift cards at other retailers, including Banana Republic, Nordstrom, Pottery Barn, and iTunes. For more information about this card,check out our Starwood Preferred Guest Amex review or visit www.americanexpress.com/starwood.

Discover Escape Card--25,000 Bonus Miles

The Discover Escape card offers 1,000 bonus miles each month the card is use for a purchase for the first 25 months. These miles can be redeemed for everything from travel to gift cards to cash. The value of the points varies depending on what you redeem them for. Travel rewards can be redeemed at a rate of 1% (10,000 miles = $100). In addition to the bonus miles, this card offers 0% APR on balance transfers for 6 months. There is a $60 annual fee for the card. You can check out our review of the Discover Escape card or go to Discover to get more information and apply for the card at www.discover.com/escape.

If you don't like paying an annual fee, check out the Miles card by Discover. There is no annual fee, but the card offers only 12,000 bonus miles.

Citi PremierPass Card - Elite Level--20,000 Bonus Points

The Citi PremierPass credit card is an award winning rewards points card. Points earned can be redeemed through the Citi ThankYou Points program for just about anything, include gift cards, statement credits, or even to pay on a student loan. The Citi PremierPass offers 20,000 points ThankYou points after $600 in purchases in the first three months. Note that Citi PremierPass offers almost twice the number of bonus ThankYou points than the Citi Forward. Keep in mind, however, that there is a $75 annual fee for the PremierPass card; there is no annual fee for Citi Forward. You can check out more details about the Citi PremierPass card or apply online at www.citi.com/premierpass.

TrueEarnings Card from Costco and American Express--$25 Bonus

For my money, the TrueEarnings card is one of the best credit card deals around. The card pays 3% cash back on gas, making it one of the top gas reward credit cards available. The Costco card also pays 3% cash back on travel, 2% cash back at restaurants, and 1% cash back on everything else, including purchases at Costco. And as for the bonus, cardholders get a $25 statement credit after their first purchase with the card. For more details on the card, you can read our review of the True Earnings card or visit the American Express TrueEarnings page.

Premier Rewards Gold Card from American Express--$150 Bonus

American Express recently launched the Premier edition of its well known Rewards Gold Card. With the Premier, you can earn substantial rewards points:

• Earn 15,000 Membership Rewards® bonus points when you spend $1,000 in your first 3 months of Card membership – redeemable for up to $150 in gift Cards upon point credit at participating retail, dining, and entertainment partners.
• Earn 15,000 Membership Rewards bonus points when you spend $30,000 per calendar year
• Earn Membership Rewards® points up to three times as fast: You can earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.

There is no annual fee for this card during the first year, then $175 per year. You can get more information about this card and apply online at the American Express Premier Gold Card page.