This is a relatively long review of TurboTax 2012 Online, software for completing tax forms and submitting them to both the federal and state authorities. I’ve updated the review to reflect the changes to the software in 2012 (for filing 2011 tax returns).

Recently, the IRS began accepting federal tax returned filed electronically. Even before the IRS began accepting returns, you could still have completed your tax forms online through software. Programs like TurboTax, H&R Block, and Jackson Hewitt have been accepting customers and holding off on filing until now. This delay affected those who had itemized deductions, claimed the tuition and fees deduction, or claimed the sales tax deduction.

Many taxpayers are just getting started with their 2011 federal returns now. I’ve been using the services of an accountant for the past few years, and he was able to cut through the more confusing tax consequences of owning a business, saving me $15,000. Before my tax situation was complicated, however, I completed my taxes online using various software. Following a series of questions, completing and filing my 1040 form was easy.

Every year, the companies that provide tax e-filing services like TurboTax and H&R Block tweak their products, not only for the latest tax laws, but to improve features, making the process of tax filing easier. I took a look at TurboTax to see what changes the newest edition has to offer.

The first thing I noticed with TurboTax is the wide variety of products they have available. There is an option that is completely free for filing federal returns, but it is limited. This free version is for taxpayers whose returns can be completed using the 1040-EZ form, a simplified version of the 1040 form. If you have deductions, investments, a mortgage, or self-employment income, or if you want a step-by-step hand-holding guide to completing the forms, you will not be able to take advantage of the TurboTax Free Edition.

TurboTax offers several flavors in addition to the Free Edition, including Deluxe, Premier, Home & Business, and Business, each to handling more complicated tax situations above and beyond the lighter editions. The Deluxe Edition focuses on capturing all of your deductions. The Premier Edition does deductions, as well, but also includes the forms you need for investments like stocks, mutual funds, and rental properties. Home & Business covers all of the above as well as self-employment income, and the Business Edition is for anyone who is a partner in or owner of a corporation.

The editions are flexible; start with the Deluxe Edition, and as you come across features you need, TurboTax will ask if you’d like to upgrade — without charging you yet — to the edition that takes all of your needs into account. I started the Deluxe Edition to see how far I could go. I saw that for the most part none of the upgrades are needed if you are confident about your tax accounting abilities and are willing to enter your information directly into forms rather than have the software hold your hand through every decision.

Get your refund in as little as 8 days. E-file with TurboTax today. It’s Easy

Here is an overview of my entire process of completing my federal and state tax returns with TurboTax.

I am a returning customer, and although I didn’t file my taxes using TurboTax last year, I did begin entering my information to test the software. TurboTax recalled last year’s information, although I didn’t enter accurate information at that time, and used it to get me started.

As you can see, some of the found information looks a little odd. If you click on the image here, you’ll see that TurboTax thinks my adjusted gross income for 2010 is a negative $106,905. This may be a result of last year’s incomplete information. Nevertheless, I continued. This year, TurboTax is no longer emphasizing the GPS device metaphor that helped guide filers through the process last year, but still retains the idea that filing your taxes is like traveling down a road.

Free tax advice from TurboTax experts

This year, TurboTax has added a new, useful feature: free on-demand tax advice from a tax expert.

While TurboTax seems to encourage users to exhaust all other options, like searching frequently asked questions and participating in the community, before contacting a live representative, this feature could prove useful for tax filers who are used to interacting with a human being to solve tax-related issues. The experts can answer questions related to filing Forms 1040, 1065, 1120, and 1120S, so even business owners can take advantage of the free advice. Be aware that by using the free advice service, you’d free TurboTax and Intuit from any liability, and are agreeing to binding arbitration if any legal issues arise from your use of the service. That’s not a customer-friendly policy, but it has come to be standard among many types of financial services.

The experts are typically seasoned tax preparers, with CPA certification and experience. When I began to initiate a chat on a Tuesday morning, there was a delay of about ten minutes before someone was available. If I were to chat over the phone rather than online, the delay would have been longer.

Income

The first step in the tax filing process covers personal information. TurboTax asks the taxpayer to check any life changes that occurred during the year from among a list to begin the section covering income.

Alongside the checklist is a link to TurboTax’s Live Community. This is a place where taxpayers can look for help from other users, the most experienced and helpful being SuperUsers, and from TurboTax employees. These guides are very helpful and thorough, but I warn anyone against making significant decisions based on answers that are not tailored to your specific situation and not backed up by a tax accountant who is familiar with you. The Live Community is great for the most typical and basic tax questions, such as, “If I became married in December, can I still file as a single taxpayer?”

If you need answers to questions specifically related to your situation, you can use the new feature mentioned above to speak to a tax expert.

After submitting my choices on the form above, TurboTax recommended I upgrade to Home & Business for an upgrade price of $45, but noted I still have the option of staying with the Deluxe Edition. Home & Business offers more guidance, but at this point, not more tax features, I opted to stay with the Deluxe Edition. I continued to enter my personal income information.

My employer — now former employer — does not seem to offer the ability to load my W2 data directly into TurboTax, so I located my form online and pulled the numbers myself, just like in the old days.

After completing my W2, TurboTax guided me through more income possibilities. For interest income, TurboTax has the ability of downloading your tax information from your bank or broker. The list of institutions offering this ability isn’t large, and many of my banks were not listed. I did give this a try with Vanguard. TurboTax asked for my Vanguard user name and password, and within seconds determined that I had dividend income of about $315 from this source. In the interest of time, I didn’t bother with any other dividend or interest income now, the software is flexible so you can return to any section at any time.

TurboTax remembered that I purchased employee stock in the past, and asked if I sold any shares, which would have resulted in income. This is a great benefit to filing your taxes with the same software each year; the software “gets to know you,” and asks the right questions based on how you’ve filed in the past. As you go through the income sections, if you state that you don’t have a certain type of income but TurboTax thinks you should, it will flag the category to let you know that you’ll need to review the section.

For my business income, TurboTax prompted me to enter the income I received on 1099 forms, stating that these forms are required for anyone who has paid the business more than $600 for services. With a corporation, I’ve found this to be incorrect, and some businesses will not send my business a 1099, and according to my tax accountant, I’m not required to send 1099s to other businesses that I pay more than $600. This rule would have changed, however, and 1099 forms would have been required, if Congress didn’t quickly repeal a much-hated provision of the health care reform law. TurboTax required 1099s in this section because this section is for “Schedule C” businesses, like sole proprietors or LLCs treated as sole proprietors. My business is an S Corporation — or, more accurately, an LLC treated as an S Corporation — so while most self-employed individuals will follow TurboTax’s guidelines for self-employment income, I would need to wait and include income from Schedule K-1, filed by my business, possibly in addition to a W-2 for the business.

As of today, the IRS has not yet finalized this year’s K-1 form, so I would not be able to submit my federal tax return yet.

After completing the income and answering questions about foreign bank accounts (I have none), TurboTax provided a snapshot of my money, and suggested I try out Mint.com to determine how I spend my money and find options for investing in an IRA. I skipped these suggestions, though I do recommend Mint.com, and proceeded to the section covering deductions and credits.

Deductions and credits

Once again, I followed the “EasyGuide” to make the most out of the suggestions provided by the software. In this section, I reviewed whether I could claim deductions and credits for mortgage interest, the homebuyer credit, the Making Word Pay credit, and more. For charitable contributions, I was easily able to enter the recurring monthly payments I made to non-profit organizations as well as the lump sum payments I sent to charities.

After completing the questionnaire, TurboTax performed an integrity check to ensure I captured all the deductions and credits I could be entitled to. When the analysis was complete, TurboTax offered some suggestions for possible missed credits. TurboTax was under the impression that I may qualify for credits I didn’t take, like the Earned Income Credit for children.

After I reviewed my final federal tax numbers, TurboTax transferred the relevant information to my state return. After a few state-specific questions, I was able to claim a property tax credit — homeowners and renters both qualify for a credit of some sort. When the process was complete, TurboTax reviewed my information and determined my risk for an audit was low, but noted two warning flags:

• I included Schedule C income.
• I had more than $100,000 in business income.

Both of these might increase the chance of being audited. In the final return that I file with my accountant, I won’t have Schedule C income. I won’t be filing my finalized return through TurboTax this year, as I prefer to work with an accountant. The Schedule C income above was is included here just as a test. The entire process was not without some confusion.

Error checking and support

Last year, after TurboTax reviewed my federal return and suggested child-related deductions and credits, I tried to determine why. It looked as if TurboTax was assigning me a credit for adopting a child — a credit I didn’t enter. I reached out as many customers do in the Age of Information: on Twitter. The customer service account is @TeamTurboTax, so you can mention that account in a message on Twitter to get their attention.

It wasn’t long before I received responses, most from people recognizing that I did not, in fact, adopt a child:

The official response from Customer Support came only a few minutes later. We discussed the issue through private messages on Twitter before I realized that I was looking at the wrong column. I expected the final page listing income, deductions, and credits, would compare the previous tax year with the current tax year, as I believe they software had done in the past, but the first column represented the current tax year and the second column listed the difference between what I was claiming and the maximum I’d be allowed to claim for each credit and deduction. TurboTax properly listed $0 for the adoption credit. That’s a big relief in many ways.

I appreciate the quick response from Intuit’s Customer Support via Twitter, and this is a feature that helps TurboTax rise above some of their competitors.

Printing and filing the returns

You have the option of filing electronically or by mail, but electronically is almost always the better option. If the government owes you a refund, you will receive it much faster, particularly if you have a bank account for direct deposit. You must pay before printing your return for filing by mail or filing electronically. I completed by entire return using the Deluxe Edition, for $29.95. The New Jersey state edition added an extra $36.95 to that total, the most I’ve ever paid to file a state return without an accountant.

On the payment screen, I noted that TurboTax guarantees their calculations; if the IRS or your state charges you a penalty due to TurboTax’s error, they will pay the penalty and interest. It’s not hard to calculate numbers correctly; the danger is in entering them correctly in the first place — and human error is not covered under this guarantee.

Once you submit your return for electronic filing, TurboTax will send you updates to let you know when they are accepted by the IRS and your state’s tax authority. After that point, you can check the status of your federal and state refunds.

Conclusion

I was surprised how easily TurboTax, even the version just one step up from the Free Edition, handled my complicated tax situation. If I had finished my corporate tax returns first, I would have had everything I needed to finish my personal federal and state returns in under a few hours. It’s important to have all your forms together before you sit down to get started. Even though TurboTax lets you stop and return to the place you left off at a later time, it’s generally to focus and get everything done as soon as you have everything available. These days, you’ll probably receive some tax forms online and some in the mail, so it’s getting more difficult to keep track of everything. The more organized you are, the smoother the tax filing process.

Consumerism Commentary is an authorized affiliate of Intuit. Intuit did not compensate Consumerism Commentary for this review.

The original version of this article, TurboTax 2012 Online Review, is copyrighted by Consumerism Commentary.

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If you follow credit card offers like I do, you might have noticed that this past year was particularly exciting. Credit card issuers have been heavily marketing products in search of customers, spending more advertising dollars per customer than they have in recent years, and increasing rewards for the best customers. For individuals who have mastered their own financial situation, this has paid off with cash back incentives and free flights through travel rewards, while customers who have just begun the path to getting out of debt could use 0% APR balance transfer offers to save money.

Not everyone benefits from the best credit cards, however. It’s easy to fall into issuers’ traps. Don’t try to beat the credit card issuers at their games unless you’re prepared to lose.

2012 will be an interesting year. It’s impossible to predict specifically what will happen within the credit card industry, but you can be sure the issuers will continue to compete aggressively for new business and offer the best deals to customers with the best credit. If trends continue, here are the offers I expect to be the best credit cards of 2012.

The best cash back credit card of 2012

Cash back is the most popular reward. Of course, it only makes sense to earn cash back on a card if you avoid paying interest and late fees. If you do not pay your bill in full every month, consider finding a low APR card and not a cash back card. With cash back, the primary criterion should be the highest potential cash back rate. There are only a few cards that offer 5% cash back, and those that do only offer this rate on select categories that rotate throughout the year.

With 5% cash back on select categories, and 1% cash back on all other purchases, the Chase Freedom card has my vote for best cash back. Right now, new cardholders can earn a bonus with the Chase Freedom Visa – $200 Bonus Cash Back offer if they meet the requirements. One detriment is the 5% cash back applies to only the first $1,500 spent in the appropriate categories each quarter, but this is still better than most other offers like Discover More and Capital One Cash Rewards.

Runner-up: Citibank offers a cash back program and sign-up bonus very similar to Chase with its Citi® Dividend Platinum Select® Visa® Card – $200 Cash Back offer. Choose between the two by reviewing which categories qualify for the 5% cash back.

Prediction for 2012: Expect the 5% cash back programs to continue with the same restrictions, but fewer sign-up bonuses.

The best balance transfer credit card of 2012

There are three things to evaluate when considering a card for balance transfers. First, look for an introductory rate of 0%. Next, look at the length of the introductory offer. Last, consider the balance transfer fee. There was a time when credit cards did not charge new customers fees for transferring balances, and this led to an era when savvy consumers were using these offers for arbitrage, transferring balances to high-yield savings accounts to earn interest on someone else’s money. The fees effectively eliminated this avenue for free money. But for consumers who are ready to pay off multiple credit cards and can do so within the introductory period, a lot of money can be saved by taking advantage of these offers.

The Citi Simplicity Card offers 0% APR on balance transfers for the longest period available, 21 months. If you use this card solely for balance transfers, you have almost two years to pay off your balance without owing any interest. There is a cost, however; there is a 3% fee (with a $5 minimum) for each balance transfer. Even with this fee, you could save a significant amount of money while eliminating your credit card debt.

Runner-up: With the Slate from Chase – No Balance Transfer Fee offer, qualified customers can receive a 0% introductory APR on balance transfers, without a fee, for 15 months. For me, this card was the runner-up to the Citi Simplicty offer due to the shorter time period, but if the 3% fee is significant, taking advantage of the Chase offer while it lasts would be a good move. And although it’s not accepted by as many retailers as Visa or MasterCard, you could also look at the limited-time Discover® More Card – No Balance Transfer Fee offer.

Prediction for 2012: If Chase’s no balance transfer fee offer is successful, expect to see more issuers offering this. Issuers are highly competitive and often react to others’ offers within days. However, having a balance transfer fee is the new standard, at least for the next year.

The best airline miles credit card of 2012

Choosing the best airline miles credit card comes down to the card associated with the airline that is most convenient for you. There are cards that offer points that can be converted to miles on a variety of airlines, but the best offers are often from co-branded cards.

I own the United MileagePlus Explorer Card due to my proximity to the merged airline’s hub in Newark. Since most of my flights are cross-country to visit family, I like being able to use the miles for upgrade rewards. There is an annual fee of $95 for this card, but it is waived for the first year, and the benefits like free checked baggage and club room passes easily make the fee worthwhile for certain travelers. Right now, new customers can earn 40,000 bonus miles.

Runner-up: Southwest Airlines has teamed up with Visa to offer a credit card, and new customers of the Southwest Airlines Rapid Rewards Plus Credit Card earn a free flight after the first purchase. With a 3,000 points anniversary bonus, you will receive at least one free discount fare each year.

Prediction for 2012: The airline industry is still struggling. Unable to cut fares, airlines have turned to charging added fees when possible. Some airlines require a payment just to reserve a seat — any seat — in advance of checking in for the flight. In 2012, customers of credit cards will be able to avoid more of these hassles. In some cases, credit card holders will be treated more like frequent flyers, with preferred boarding and increased seating availability.

The best travel credit card for 2012

Travel credit cards are different from airline credit cards because their rewards can often be used beyond airfare. The Starpoints you can earn with the Starwood Preferred Guest Credit Card from American Express can be cashed in for a variety of travel rewards, including a network of hotels as well as airlines. You can earn up to 7 Starpoints per dollar, but most purchases will be rewarded with 2 Startpoints per dollar.

There is a $65 fee to use this card, but it is waived for the first year.

Runner-up: Right now, there is a 50,000 point bonus for new customers of the Chase Sapphire Preferred Card who meet certain conditions. These points are worth $625 in travel rewards. With this card, you earn a base reward of one point per dollar, but some purchases qualify for two points per dollar. A notable benefit for travelers is the lack of a foreign transaction fee, but a potential detriment is the $95 annual fee.

Prediction for 2012: Sign-up bonuses won’t last in this category, but companies in the travel industry will find more ways to reward loyalty, as airlines are attempting to do.

The best low APR credit card for 2012

If you carry a balance from month to month, forget about rewards and concentrate on getting your interest payments as low as possible. One way is to transfer your balance to a card with a low APR introductory offer, but this benefit relies on your ability to pay off the entire balance by the end of the introductory period. For ongoing credit card debt, after stopping to plan your strategy for getting out of debt, consider using a low APR credit card.

The best rates now you could possibly hope to qualify for, outside of introductory rates, are around 10.99%, and only people with the best quality of credit history will be approved for those rates. A few cards advertise these rates, but possible the best card for 2012 is Slate from Chase, a card that is offering a $75 statement credit and a 0% introductory APR for up to 15 months. The introductory APR combined with the low regular APR help establish this card as one of the best for people who carry balances from one month to the next.

Runner-up: The Discover More Card consistently offers low interest rates. Currently, Discover is advertising a variable rate of 10.99% – 20.99% combined with a $150 cash back bonus and a 0% introductory APR on purchases for six months. The actual rate you’ll receive depends on your credit quality and Discover requires customers spend $1,000 in the first three months to receive the cash back bonus.

Prediction for 2012: Interest rates are likely heading upwards. There’s a delicate balancing act; a thriving economy seems to depend on cheap availability of funds, but borrowing has already been inexpensive for those who qualify since the end of the credit crunch, and although the economy is technically expanding, people won’t be spending again until employment has improved. If that happens, and in an election year, it’s likely, expect interest rates to increase.

Read this first

Credit cards are financial tools, and are not inherently good or evil. As a result of using a credit card, one person might fall deeper into debt while another will organize his or her finances. Credit cards help the average consumer spend more money than he or she would spend with cash. It’s important to only seek credit card rewards if you do not have a tendency to spend more than you can afford. Being conscious about your spending choices is the only way to maximize the use of a credit card.

Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

The original version of this article, The Best Credit Cards 2012, is copyrighted by Consumerism Commentary.

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Having ready many books about personal finance and money management over the last decade, I recognize most new books as offering nothing particularly new to readers. Some of the world’s favorite money gurus rehash the same ideas repeatedly, some on a predictable yearly release schedule, and these books become best-sellers due to the names attached. There have been some notable exceptions to the endless supply of old ideas, and I try to recognize them when I can.

There is a reason for repetition, though. Here are a few:

• You might have missed “Get Out of Debt 2012″ because you weren’t thinking about money at the time, but “Get Out of Debt 2013″ was released at the perfect time for you.
• “Wealthy Dad, Middle-Class Dad” might not have been a book that caught your attention, but “Wealthy Sister, Middle-Class Sister” was recommended by your favorite talk show host.

Kimberly Palmer, the author of Generation Earn: The Young Professional’s Guide to Spending, Investing, and Giving Back, has decided to take a different approach with her latest project. Kimberly has been a guest on the Consumerism Commentary Podcast — twice — and she also writes for U.S. News and World Report.

The author has created a series of workbooks, meant to appeal to those of us who are more creative, designed to help guide participants through the financial aspects of life. The workbook approach transforms readers into participants, and if the workbooks are engaging, they can be much more effective in someone’s life than just reading a book.

Normally, I’m not a fan of worksheets. These are great learning tools for elementary school students, and any time I’m asked to complete an assignment like that, I begin to think that the author is treating readers like children. As I’ve discovered by maintaining this website since 2003, writing things down works to change your life. Once you complete a worksheet that asks you to write down your financial goal for the year, that goes becomes real. It adds a level of commitment. While there are no consequences for missing your goal other than self-reprimand, writing things down can add motivation.

Kimberly Palmer is offering several self-published money planners on Etsy.

• The Money Planner is designed as a companion workbook for Generation Earn. The activities match the book’s chapters.
• The 2012 Money Planner breaks down the coming year by month, with tasks appropriate for the time of the year.
• The Debt-Free Planner focuses on the one specific task of eliminating debt.
• The Baby Planner helps expecting families get ready for the new financial responsibilities of having kids.

The first three planners are also available as a bundle.

To get an idea of whether these planners are right for you, I’ve included the first page of the Money Planner. Kimberly indicates the creative and visual approach will appeal more to right-brainers like herself. Whether your mind is ruled by the logical or creative aspects of thought, anything that inspires you to take action will help improve your finances.

The key to success is maintaining your motivation over a long period of time, and workbooks can inspire success more than typical books. In the end, however, success depends on a family’s or individual’s ability to maintain focus and motivation.

If you’re interested in one or more of Kimberly Palmer’s Money Planners, visit the author’s Etsy shop.

The original version of this article, Money Planners Can Help You Take Control of Your Finances, is copyrighted by Consumerism Commentary.

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Using a hotel rewards credit card can do more than just provide a way to pay for your travel expenditures. If used properly, it can also save you hundreds to thousands of dollars over the course of a lifetime by offering free stays at hotels and by providing discounts on future travel purchases.

The Marriott Rewards® Premier Credit Card promises to do both.

The very first thing you’ll notice about the Marriott Rewards® Premier Credit Card is a 50,000 point bonus for signing up and making your first purchase. Those points can be redeemed for a multiple-night stay at most Marriott locations. Next, Chase will give you another night stay at any hotel in categories 1 through 4 hotel, again just for signing up. Each year you renew your card membership, you’ll receive a free night’s stay.

A great rewards program accompanies the Marriott Rewards® Premier Credit Card. Here are the details:

• Five points earned for every dollar spent at Marriott locations.
• Two points earned for every dollar spent on airline, dining and car rental purchases.
• One point earned on all other purchases.
• No foreign transaction fees (new feature).

This card also allows you to reach elite status (in Silver, Gold and Platinum) where you’ll earn points faster and receive unique perks and rewards. Every $3,000 you spend will give you one elite night credit, which accelerates your progress towards the next elite status level.

Other than the rewards program, the Marriott Rewards® Premier Credit Card offers other factors that make this a valuable offer. All cardholders receive an above-average variable APR on purchases and balance transfers of 15.24%, but this card carries an annual fee of $85, which is waived during the first year. The fee may be high, but the rewards you receive through free night stays are worth the cost. If you plan to stay at Marriott hotels often enough to accrue the rewards, this card is a good choice.

The 50,000 bonus point offer included with the Marriott Rewards® Premier Credit Card is brand new and only available for a limited time, so if you find yourself in need of a rewards credit card that offers multiple free night stays on a yearly basis, consider the Marriott Rewards® Premier Credit Card.

The original version of this article, Marriott Rewards Premier Credit Card 50,000 Bonus Points Promotion, is copyrighted by Consumerism Commentary.

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The incentive for becoming a customer of American Express’s business cards is continuing to improve. The card formerly known as the Gold Card from American Express OPEN is now known as the New Business Gold Rewards Card® from American Express OPEN. The most important change is the addition of a cash back rewards program.

For new cardholders, the card’s annual fee is $175, but it’s waived for the first year. Current American Express customers who are currently paying a lower annual fee — the amount was recently changed from $125 to $175 — are not affected.

Here are the new details.

The flagship benefit of the New Business Gold Rewards Card® from American Express OPEN is the reward program. With each point worth $0.01, you can earn a better exchange rate with gift cards than by using Membership Rewards on Amazon.com. Cardholders will earn points on the following schedule.

• Three points per dollar spent on all airfare expenses, regardless of airline.
• Two points per dollar spent on advertising, gasoline, and shipping.
• One point per dollar spent on all other purchases.

Cardholders also have an opportunity to earn up to 10 points for every dollar spent in the American Express membership rewards area.

This is a charge card, so balances are due in full each and every month. If you choose not to pay your balance in full by the due date, you will be assessed a fee. As a result, and depending on your history with American Express, your account can be closed without notice.

The New Business Gold Rewards Card® from American Express OPEN℠ doesn’t come cheap either, with an annual fee of $175, an increase of $50 from the previous incarnation of this card. This fee is waived for the first year. If you’d like to try the card, you can do so without paying the annual fee by closing your account before your anniversary date.

With solid customer service, timely rewards, and non-stop amenities including extended warranties, purchase protection, and travel protection, American Express is a great option for unsecured credit. Small business owners and other individuals with high, fixed expenses and a cash flow capable of covering those expenses every month should consider the New Business Gold Rewards Card® from American Express OPEN℠ and take advantage of the rewards. Keep in mind you’ll need a very high credit score to be approved.

This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.

The original version of this article, The New Business Gold Rewards Card from American Express OPEN Review, is copyrighted by Consumerism Commentary.

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In my neverending quest to find more options for banking in today’s environment of low-yield high-yield savings and money market accounts, I’ve come across Aurora Bank. I don’t move money around from one account to another to chase high rates, but until I get around to simplifying my banking options, I tend to open accounts at a variety of banks. I do this mainly for the benefit of Consumerism Commentary, so I can share my thoughts on the latest banks, but if I happen to stumble across a great institution, I’ll be ready to be a full-time customer.

Savings and money market accounts are not necessarily investments. You don’t deposit money expecting your savings to grow. In fact, you’ll be lucky if the interest on savings matching the official rate of inflation. The likelihood of that interest matching your personal rate of inflation is even lower. The purpose of savings is to have cash ready at an instant, either for an emergency or for impending spending, like purchasing a house within the next year.

I recently opened an account at Aurora Bank to see if this little-known institution has what it takes to pull me away from my mainstays.

About Aurora Bank

Aurora Bank, like all legitimate banks in the United States, is a member of FDIC. All deposits are insured by the government up to the legal limit. Aurora Bank has been in operation since 1921, when it was formed as the Delaware Savings And Loan Association. From 1999 through 2009, the bank was known as Lehman Brothers Bank. The bank is currently still owned by the bankrupt Lehman Brothers Holdings Inc., but it must sell the unit by May 2012.

Does this make the bank riskier? I don’t think the issue that the bank will be sold should prevent a customer from opening account. In fact, in the short term it could be good news. Lehman Brothers wants to increase the value of the bank before it is sold, and that means the bank is in search of depositors. When banks are competing for customers, savers tend to win with higher interest rates. That’s what I’m seeing with Aurora Bank right now. As already mentioned, deposits are insured by FDIC, so in the unlikely event FDIC closes the bank, its receivor will be capable of maintaining your account or returning your deposit.

Aurora Bank is offer comparatively high interest rates for savings accounts, money market accounts, checking accounts, and certificates of deposit. I opened a money market account. It offers a higher interest rate than the savings account, but a higher minimum deposit of $1,000.

Bankrate has given Aurora Bank a four-star rating, but it may be worthwhile to note that when broken down into categories, Aurora received five stars in every category except asset quality. In this category, the bank received only one star due to a substantially below normal loss reserve coverage (if the bank’s lending customers default, the bank might have trouble) and a below normal asset growth rate. Despite this negative analysis, the overall rating of four stars qualifies Aurora Bank as being in “sound fnancial condition.”

Opening a new Aurora Bank Money Market Account

All banks require a detailed profile of each customer, and Aurora Bank is no exception. I began my application with my Social Security number and Driver’s License at the ready. The application required my employment information, and I listed myself as Self Employed.

Aurora presented me with several options for funding. I could fund the account with a personal check by mail or through an electronic transfer. I chose the electronic transfer, making sure I had enough in my primary checking account to cover the deposit. As my account would be a money market account, I had the option of ordering checks and a debit card for the account. I decided to order both. I don’t forsee using either unless Aurora Bank is shown to be a significantly better choice than the institutions I currently call my primary banks, but I thought it would be helpful to take advantage of every service offered.

After selecting these choices and confirming my personal information, I was presented with the law-related part of the account opening process. The terms and conditions included a link to the bank’s fee schedule. For the most part, the account is free to operate, but by aware of a few fees and some notes.

• There is a $5 monthly fee if the account balance is below the minimum.
• There is a $5 dormant account fee if an account is inactive for three years.
• THe account balance most be above the minimum to receive interest.

After agreeing to the legal documents, the application presented me with the familiar identity-confirming questions, drawn from information on my credit report. I successfully passed this stage by answering the questions correctly. The final step in this process was providing the routing number and account number for the bank account that would provide the initial deposit of $1,000. After doing so, I immediately received a verification code and an email that explained the next process.

Within four business days, Aurora would make two test deposits nd two test withdrawals in my linked account. This is a familiar procedure, as many banks verify linked external accounts with this method. Once I see the test transactions in my external account, I will visit the link provided in the email from Aurora Bank. If the amounts match, Aurora Bank will withdraw my initial deposit and my external bank will be available for transfers.

After receiving the two test deposits, I confirmed the amounts as instructed in the email I received. Although I entered the correct information, when finalizing my account set-up, I received the following message:

The Account Opening Process Has Not Finished. We’re sorry, but we’re unable to retrieve your customer information. We apologize for this inconvenience and ask that you select one of the options below.

The suggestions available to me were signing up for online banking, signing on if I already had an account, or returning to the Aurora Bank home page. I still did not receive any credentials for accessing my new account online, so there was nothing for me to do. At the same time, I received an email to let me know that my banking information for my initial deposit was confirmed, and I’d receive another email soon with more instructions.

Bank data

The original version of this article, Aurora Bank Review, is copyrighted by Consumerism Commentary.

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Recently the FTC cracked down on companies advertising free credit reports. These companies — the credit bureaus — created confusion between the government’s truly free AnnualCreditReport.com and their own websites that advertised free credit reports but sometimes nefariously charged customers’ credit cards after a trial period expired for a service they didn’t realize they signed up for. After the FTC determined that companies can no longer advertise free credit reports, the industry shifted to offering different products, like $1 credit reports and free credit scores.

There is a lot not to like about the free credit score services. Nevertheless, it’s great to know your credit score before you attempt to qualify for a mortgage or other loan. It’s best to be able to anticipate any problems before you need to rely on your credit score, so getting your information in advance can give you an opportunity to correct any errors or resolve any negative items.

GoFreeCredit is a company offering credit scores from each of the three bureaus (Equifax, Experian, and TransUnion). Each bureau uses its own slightly different calculation to determine your credit score, and each may still differ further from the FICO score, the credit score used by most lenders to determine your risk profile and your interest rates. Even though there are some differences, the more numbers you have, the better understanding you can get of how the financial industry sees you.

With GoFreeCredit, you can receive a score from Equifax, Experian, and TransUnion when you enroll in their program called “Triple Score Complete.” This is a $19.95 per month service, but it’s free for 7 days. If you do not want to pay $19.95 and take advantage of what is offered under Triple Score Complete, you must cancel before the 7 day trial period is over. This short period of time worries me, because if there is a delay between the day you initiate the cancellation to the day the company processes your request, you could easily go beyond the 7 calendar-day period, prompting the first $19.95 charge. THe best course of action is to register, verify your identity, access your credit scores, and cancel immediately if you do not wish to enroll in Triple Score Complete.

If you do wish to enroll, you will receive these services:

1. Information from the three credit bureaus
2. Your updated credit scores
3. Credit monitoring and alerts
4. See your 3 updated credit scores online instantly, and I’m not sure how number 4 is different than number 2

Although it’s vague, I later determined the “information” included in number one refers to a consolidated credit report and tips from each bureau, as you’ll see later. I don’t see how number four in the list above is different than number two, but I suppose four points seem to be more of a value than three.

Credit monitoring and alerts can be useful services, but not for everyone. Many years ago, someone I knew had her identity stolen and damaged — by her father — and she locked down her credit. If you believe you’re more at risk for identity theft than average, credit monitoring could give you peace of mind. If you’ve had your identity stolen, credit monitoring is the minimum you should do to protect yourself.

When you sign up, you will be charged or debited with a refundable $1 processing fee, and you’re reminded in very small print that you’ll need to cancel within seven days to avoid the $19.95 charge. In order to cancel, GoFreeCredit provides a phone number to call, but you should also be able to cancel by accessing your account online. I went through this process, and this is what I experienced.

After entering my credit card information to verify my identity, GoFreeCredit presented me with another service to accept or decline. I declined the free Public Records File, another $19.95 trial service with a 7-day trial period. I can easily see customers accepting this deal (using the big button) and not realizing there’s an option to decline this extra service. It always pays to read, then click. After declining, I was provided my membership ID, which I copied to another window on the computer in case I needed it to log into the website later.

Continuing, I was brought to another site to create a user name and confirm my identity — although the stated purpose for entering my credit card information was to verify my identity in addition to charging the refundable $1 and having a payment method on record if I were to not cancel — using my Social Security number. On the new secure website, CeditScoreComplete, I proceeded to provide the information typically requested to verify my identity, such as old addresses. I noticed at this point at CreditScoreComplete is a service of TransUnion, so while at first this seemed to be an independent third party service, it is actually operated by one of the credit bureaus.

The identity confirmation process was easy, and the site quickly provided links to a consolidated credit report and my credit scores.

The consolidated report was actually very interesting. I could easily see the differences between my reports from the three bureaus, and there was some interesting differences. Each bureau had a different number of open and closed accounts, for one thing. My credit scores had a range of less than 1%, with Equifax being the lowest to TransUnion with the highest, with all scores in the “Very Good” range, the highest in GoFreeCredit’s evaluation. The score listing also included tips from each of the bureaus for improving my score, and each bureau offered different suggestions, like “Not Enough Revolving Debt Experience” (TransUnion), “Too Many Inquiries” (Experian), and, “Not Enough Premium Bankcards” (Equifax).

Immediately after reviewing my information, I printed out what I wanted to keep, and looked for the option to cancel membership — something you may or may not wish to do. If the ongoing services are worthwhile to you, then do not cancel. I did not see any way to access my account information from this location, so I started over. I opened the confirmation email I received and used the link within to log in. I clicked on the “My Account” link at the top of the page and easily found the “Cancel Membership” option. The service warned me there would be a waiting period before I would be allowed to check my credit scores for free, but I continued with the cancellation.

I didn’t however, see the option to cancel the $1 “refundable fee” that GoFreeCredit initially charged to sign up, so I will be monitoring my credit card account to see when this is processed. I will update this review once I have confirmed the three credit scores I viewed for free were, in fact, free.

GoFreeCredit.com no longer charges a $1 fee during their trial period.

First update, four days later

After signing up for GoFreeCredit and canceling my membership, I began receiving repeated phone calls from 888-493-5692. The first call was at 8:47 AM on a weekday, and the calls continued once daily. The caller did not leave a message at any time. I didn’t connect the calls with my short-lived membership with GoFreeCredit until I decided to answer the fourth phone call from the number. After I answered the phone, there was a delay — the type I recognize from automated dialers that notify a live representative once a call has been connected. A gentleman responded and asked for me by name, and I asked him to identify himself. The caller was a representative from GoFreeCredit who wanted to help me understand any potentially negative items on my credit report. He could not confirm why he would be calling after I canceled my membership.

The original version of this article, Free Triple Credit Score with GoFreeCredit.com, is copyrighted by Consumerism Commentary.

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In my attempt to be a good son to my mother who lives about as far away from me as possible in the contiguous United States, I decided to send a bouquet of flowers for Mother’s Day. Sending flowers may be cliché, but I know she appreciates it, so I’m happy to send them.

I’ve used all the major flowers brokers in the past: 1-800-Flowers, ProFlowers, and FTD. When shopping around, I generally choose the company that offers the best deal at that particular time. For Valentine’s Day, I used ProFlowers to send bouquets to both my mother and my girlfriend, and did not have a problem with either delivery.

I decided to go with FTD this Mother’s Day because, when combined with cash back from my credit card and cash back from Ebates, I was going to get a good deal. In fact, I had some bonuses “pending” in Ebates, which means I would need to complete a purchase through their retail portal in order to receive some of my bonus cash. I placed the order with FTD last week for the “large” bouquet (eight to twelve stems) of my mom’s favorite flowers with a basic vase. I paid extra for the flowers to be delivered on Mother’s Day.

FTD, like the other major national flower retailers, doesn’t actually deliver the flowers. They work with local florists who handle all the details, including picking the flowers, designing the bouquet, arranging the delivery, and driving to the location. I understand that Mother’s Day is one of the busiest days of the year for flower delivery, but what followed was a disaster.

As I head to bed on Sunday night, my mother still had not received the flowers nor any communication from the local florist. I understood that delivery might be late on Mother’s Day, so I wasn’t that concerned. I visited the FTD website to inquire about my order. The automated system responded that FTD would contact the local florist to provide me with an update.

By Monday afternoon, I still had not heard from FTD, and my mother still had not received the flowers. I called FTD and provided my information. While I was on the phone, the customer service representative, who was very friendly and apologetic, put me on hold to contact the local florist to determine what happened. When she returned, she said the local florist had told her that they’re very busy and would be able to look into my order and call FTD back in a half an hour. The FTD representative said they would call me back once they heard from the local florist.

She offered to give me a 10% discount off of my shipping charge. This, of course, was unacceptable; the shipping and handling charge for Mother’s Day was $21, so I was not going to accept a $2.10 refund for the failure for the flowers to be delivered. I asked only for them to reduce the shipping charge from the inflated Mother’s Day price to the “normal” shipping charge, considering the flowers were not delivered on the holiday. She acquiesced without a challenge.

FTD never called back after that half hour. I didn’t hear from the company until Tuesday morning. Aaron, the new customer service representative handling the case, apologized for the inconvenience and confirmed a fresh, beautiful bouquet of flowers would be delivered that day. Aaron was able to get things done; he removed the shipping/service fee completely, took 40% off the cost of the bouquet, and sent me a $20 coupon to retain me as a future customer. My mother received the flowers that day and sent me a photograph from her phone when they arrived. The flowers hadn’t bloomed yet, but the bouquet did match the basic description of the item that I ordered, even if the arrangement looked a bit uninspired.

When I was first concerned that the shipment wouldn’t arrive, I mentioned my dissatisfaction on Twitter, and was met with compassionate responses from people who recognized I was not alone with my problems. In this month’s review at Consumer Reports, FTD was rated thusly:

In our small study, 1800Flowers.com was best at sending what was ordered, followed by ProFlowers.com and FTD.com. The flowers most likely to look the way they did on websites were tulips, roses, and orchids. Mixed bouquets had more substitutions than the rest. If you want to make sure your flowers prompt a smile, pick a color scheme that matches your Mom’s favorites, then steer away from mixed bouquets. If you’re unhappy with what gets delivered, call customer service.

The company’s customer service department also noticed my tweets; I was contacted almost immediately by a Twitter-based consumer support individual who was quite busy that day sending tweets to dissatisfied customers offering to help. It was this communication, not my initial phone conversation, that inspired the call from Aaron.

The main problem is with the local florist who obviously couldn’t handle all the orders they received for Mother’s Day. Communication with FTD wasn’t perfect, but they did resolve the issue as best they could, and the final effort to provide the discount and a coupon for a future purchase did help improve my impression of the company. I didn’t feel they were trying to blame the local florist, and even though I’m sure that’s the issue, my business was with FTD, not the local florist, so in the end they are responsible for the level of service I receive.

I will likely use the coupon for a purchase as long as it doesn’t expire before the next time I decide to send flowers. I’ll continue to shop around for the best offers, though I might stay away from holiday delivery in the future.

Update: I received the coupon through the mail, and it does not apply to online orders! In order to use the coupon, I need to call the company to place an order, as if I am stuck in the twentieth century. Perhaps it’s my fault for not verifying the coupon could be used online — this I would have thought was a reasonable assumption. A coupon designed to be difficult to use is a coupon designed not to be used. How disappointing.

What has been your experience with holiday flower delivery with any company or with FTD in general?

Photo: apdk

The original version of this article, Mother’s Day Fiasco With FTD: A Review, is copyrighted by Consumerism Commentary.

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There is more to maximizing cash back than just using the right rewards credit cards. Many card issuers also offer marketplaces or online shopping portals where, if you use your appropriately branded credit card, you can earn 1% to 7% cash back or more. That’s in addition to the 1% to 5% cash back credit card rewards.

When you shop through your card issuer’s portal, the company places tracking information on your computer. This tracking information allows the retailer communicate back to the issuer the cost of your purchase and how much cash back you should receive. The tracking information and the online store work together to make sure you receive the cash back as described in the portal.

The system isn’t always wonderful, though. The shopping portals rarely have the specific store you’d like to shop, and it can be a pain to log into your credit card website every time you want to purchase an item online. I prefer the convenience of a shopping portal that works with every credit card, like Ebates.com, rather than a branded issuer-based portal.

I’ve been using Ebates occasionally for the past several years. By creating an account, you earn cash back at more than 1,200 stores. Membership is completely free; in fact, you can earn money by being a member by referring your friends.

The concept of spending money to save money is interesting. It only works when you’re spending only the money you would spend anyway, without the cash back incentive. If a cash back rebate is the impetus that helps you decide to purchase a product, the purchase may not be the best idea in the first place. Furthermore, you have to carefully consider the total cost of your purchase. Many times, you can find a better price for a certain product on a website that’s not included in the portal’s list. For example, if your favorite book is $10 on Amazon.com and $15 on Barnes and Noble’s website, the 4% cash back you receive for Barnes and Noble doesn’t make up for the difference. The book is still $14.40 at Barnes and Noble.

When you do find a good deal on the stores supported by Ebates, receiving your cash back is easy. I created a PayPal account and linked it to my bank account, and use this account primarily for payments from Ebates. You could also configure your Ebates account to distribute your cash back to you in the form of paper checks, if you desire. Furthermore, if you prefer to designate your cash back to a charitable organization, you can provide information for the non-profit to receive your payments.

Ebates is another option available for those who want to make the most of their everyday purchases. Sign up today for free to use Ebates to maximize your cash back. Used in conjunction with a cash-back rewards card, the rebates are unbeatable.

The original version of this article, Ebates Review, is copyrighted by Consumerism Commentary.

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Read to the bottom of this article for the latest ShareBuilder bonus.

I’m not a frequent trader. With my long-term view of investing, looking at stocks every day and executing costly trades does not make sense for my approach to my own finances. My strategy does not involve trading stocks or ETFs, timing the market in search of better returns. That being said, once in a while, I set aside a relatively small portion of money to test some theories. Here is an example from about a year ago: After a company received some bad news, I purchased about 10 shares of its stock, with the thought that the recalls were temporary problems that shouldn’t significantly affect the overall value of the company over time.

The stock price has recovered since then, but after the fee to buy the stock, I’m only ahead about $20 right now. If I had to sell, my profit would be even less. These fees cut into profits and should be minimized as much as possible. If you want to play in the stock market, it makes much more sense financially to use a discount brokerage than a full-service operation, due to the smaller fees. The accounts that hold my small investments in this company, as well as similarly small investments in an ETF and two other companies, are held at ING ShareBuilder. Here’s my ING ShareBuilder Review.

Opening the account

It has been a while since I’ve opened my account at ShareBuilder. I did so before the company was acquired by ING. ShareBuilder offered a variety of bonus codes to invite new users to join. In fact, they allowed the same individual to open several accounts, earning a bonus for each. The Internet went crazy, and there were reports of people opening as many as 50 accounts, earning a $25, $50 or $75 bonus for each account. This was apparently, not against the terms, but some customers who took excessive advantage of the offers were asked by the company to consolidate or close their accounts.

The typical personal information is required when you apply for a discount brokerage account with ShareBuilder, but current customers of ING Direct will have a streamlined process where some of their information is ported directly.

Transaction fees

Many discount brokerages offer roughly the same set of tools. Each company may have a few bells and whistles, but for the most part, this type of service is a commodity. Many of the resources offered by discount brokers, like charting and analysis tools and access to some analyst reports, can be found in other locations for free. When it comes down to it, the most important aspect of a discount brokerage is the cost. Paying a $20 fee to sell $100 worth of stock immediately and significantly cuts into any profit you may have had or amplifies a loss. For this reason, look carefully at all the costs involved in buying and selling.

ShareBuilder has two tiers of membership, Basic and Advantage. The Advantage plan requires a monthly fee of $12, but with this membership, you receive 12 free trades each month, if those are done by automatic investment. Each automatic trade in excess carries a fee of only $1. Real-time online trades, on the other hand, are $7.95. Real-time trades are executed as soon as possible after you place the order. Automatic trades are less expensive because they are bundled together with other customers’ automatic trades and effected only once a week. In other words, ShareBuilder gets the benefit of combing your sale of 30 shares of Microsoft with another investor’s purchase of 30 shares on Microsoft. ShareBuilder does not need to go into the open market to settle these trades, so everyone gets a better price, including ShareBuilder who still collects the same fee as the would with other automatic trades.

With the Basic plan, automatic investments carry a fee of $4 and real-time trades are $9.95.

ING ShareBuilder offers real-time market orders, limit order, stop-loss orders, and several types of options. Some customers might also qualify for margin trading.

One of my favorite features is the lack of an inactivity fee. Most brokers want to make money off of you, which they can only do if you trade. The more actively you trade, the more money the broker earns from you. When they are not earning money from you through trades, many companies want to find other ways to make holding data for you on their servers worthwhile. That’s the beauty of the inactivity fee from the broker’s perspective. Active trading is not generally a sound investing strategy, so buy-and-hold investors are discouraged when charged a fee just for leaving an account open. Perhaps it’s wrong to assume that any company should hold money or investments for free, but since some do, those who charge fees appear to be unfair.

As long as there still are brokers who don’t charge fees for an inactive account, I’ll continue seeking them out for my business.

None of the above can be said without pointing out there is another important fee that often goes unmentioned: the account transition fee. If you decide to close your account and transfer your investments to another without selling and triggering tax ramifications, ING ShareBuilder does charge a $75 fee. If you’re not closing your account and transferring only a portion of your assets, the charge will be $15 per security, up to $75.

Linking accounts

A nice benefit of having an account with ING ShareBuilder is the ability to link your ING Direct savings and checking accounts with your ShareBuilder account. This ensures that you can easily and quickly transfer money from your ING Direct account whenever you want to trade, even if you don’t have cash in your ShareBuilder account. You can link other bank accounts as well, but this “Express Funding” service costs $6.95 if your linked account is not held at ING Direct. Sometimes it’s better not to have cash available because you’re prevented from making rash purchasing decisions. Active traders or those who want to aim for a certain time on a certain day do not need to worry about having cash in their ShareBuilder account if they are a customer of ING Direct.

Bonus

Currently, ShareBuilder is offering a $50 bonus for new accounts. This is perfect for people who are interested in getting their feet wet with stocks or ETFs. This is the type of deal I took advantage of to get started with ShareBuilder. Open a ShareBuilder account, and fund the account with $50 of your own money from a linked ING Direct account or another bank account. Buy $46 worth of stock or ETF using ShareBuilder’s Basic plan for $4. You just used a total of $50, the same amount of your bonus. When you receive the bonus within a few weeks, transfer $50 back to your savings account. In effect, you’ve made your first trade with free money. If you’re willing to spend some of your money, transfer more to ShareBuilder and see how your investments perform. The bonus is available only for a limited time, and will currently no longer be offered following March 31, 2011.

The original version of this article, ING ShareBuilder Review, is copyrighted by Consumerism Commentary.

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By far, the most requested review on Consumerism Commentary that I have yet to write is for the American Express Personal Savings Account. American Express offers one of the highest interest rates available with this savings account, making it very attractive from the surface. Once you own an account, how does it hold up against ING Direct, Discover Bank, Zions Bank, and the rest of the online savings account portfolio? I opened an account to find out.

First of all, if the bulk of your savings is earning less than 0.5% APY at the local branch of your national brick and mortar bank, it’s time to change. There is usually no excuse for settling for interest rates that low when it’s simple and easy to double or triple the interest you receive in your account every month. Granted, this might not add up to a lot of money, but high yield savings accounts help to ensure your cash will at least hold its value when up against inflation. Your money loses value over time when setting in a low-interest or no-interest account.

Application process

After visiting the American Express website to apply for a new savings account, I was immediately impressed with the way the company outlined and prepared me for the application process. You can zoom in on the overview screen by clicking on the image included here.

The first step of the application process, after gathering the materials you need such as your checkbook, driver’s license, and Social Security number, is entering your personal information. If you have an American Express savings account currently, you can easily link your current account to the application.

As I do not have a savings account with AmEx, I entered my personal information. Following this, I entered the amount I intend to deposit from my external bank account. There is no minimum deposit, and I decided to start with $500. While there is an option to send a check, I chose to pull the funds from an existing bank account via an electronic transfer (ACH). After confirming my personal information and deposit amount, I agreed to the standard terms of service and entered my external banking information (routing number and account number). I chose to link this account to my personal Wells Fargo brick and mortar checking account.

The strength of American Express, in this first impression, is the bank’s professional appearance. Each step through this process, the bank’s website was very helpful in letting me know what to expect and when to expect it. When I confirmed my external banking information, it was clear that I would need to verify two test deposits into my newly-linked Wells Fargo account. I immediately received an email with instructions for verifying the test deposits, and I received a welcome kit in the mail in [three] days. It took three days, from Friday to Monday, for the deposits to hit my Wells Fargo account.

Verifying deposits

After the weekend, I checked my Wells Fargo account and saw two small test deposits from American Express. Once again, AmEx outlined the process clearly, as you can see from the image here. To finalize the link between my new American Express account and my existing checking account at Wells Fargo, the bank required me to enter my email address, a verification code that was sent to me via email, and the amounts of the two test deposits.

After the confirmation, American Express allowed me to create an online user identity for viewing statements and otherwise operating my new bank account. User names for the American Express Personal Savings Account require at least two numerals, so I was unfortunately forced to use a non-standard user ID. For the first time, I chose to receive online statements in lieu of paper statements. This is a trend I want to continue; I receive too much paper in the mail, and electronic states — when chosen without paper statements — will help reduce my clutter, as well as on a small scale, help the environment.

Using the account

As of today, I am waiting for my initial deposit to reach my new American Express savings account. Although there is not much I can do, I am able to look at all features contained in the website and get a feel for its operation. My first order of business was customizing the account names. I also looked at the options for downloading activity into applications like Quicken. American Express supports Quicken through the “Web Connect” service as well as Microsoft Money. There are options for QIF and CSV downloads, too.

There are not many different things you can do with this savings account. Although the bank recently lowered the interest rate offered on these accounts, the rates are still comparatively high. The deposits at American Express Bank are fully insured by FDIC, which means there is no risk in depositing your money up to the FDIC maximum, currently $250,000 for an individual savings account. American Express does not currently offer a checking, bill-payment, or other “transactional” account, so this type of service is fine for letting the cash you need to sit and grow, losing as little value to inflation as possible in a savings account.

Bank data

Click here to open an American Express Personal Savings Account.

The original version of this article, American Express Personal Savings Review, is copyrighted by Consumerism Commentary.

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This is a relatively long review of H&R Block’s online tax preparation and filing service. H&R Block has provided Consumerism Commentary with six coupon codes for H&R Block Premium Edition, the most complete service offered by the company.

If you haven’t filed your household’s tax return yet, chances are taxes are on your mind. If you believe you’ll owe money to the government, it makes sense to put off filing as long as possible, up to this year’s filing deadline. If you expect to receive a refund, however, file your taxes early to receive your money faster.

Previously, H&R Block offered a product that allowed customers to get their refund even faster than the few weeks the IRS takes to process, but this year, they are not offering refund anticipation loans. The least expensive and quickest way to receive a refund is to allow the IRS to deposit your refund directly into your bank account, but H&R Block does offer a refund anticipation check, which for a small fee, will provide you with your refund sooner than the IRS will.

Regardless of how you receive your refund, if you don’t visit an H&R Block location, you can file online using their software. Here is what you need to know.

Save 25% on H&R Block At Home Online Premium

Different editions of the software

H&R Block offers four editions of their online software.

The Free Edition should be sufficient for most taxpayers, but keep in mind that H&R Block will charge to file your taxes with your state, even with the Free Edition. For my review, I started with the Free Edition to see how far I could proceed before being required to upgrade to a more advanced and expensive version of the software.

I chose to begin entering my tax information without creating an account to be stored on H&R Block’s servers, even though I know that if I want to save my tax return either to complete at a different time or to finish filing, I’ll need to create one.

H&R Block clearly outlines the tax preparation process into three steps.

Income

For the first step, H&R Block suggests importing a W-2 or 1099 for your income, a feature that requires an upgrade to H&R Block Basic for $19.95. I know that my former employer does not offer W-2, so I skipped this step, opting to input my income manually. The software asks me about any life-changing events during the past year. I selected “lost a job” because I left my corporate employment at the end of the year. I expected some immediate feedback about my life-changing event, but H&R Block proceeded to ask about my filing status (single) and required me to enter my personal information including Social Security number and dependents.

After verifying my personal information, I began the section pertaining to income. This section begins by reviewing a list of my needed documentation for completing this information including a variety of 1099 forms (1099-G, 1099-INT, 1099-MISC, 1099-B, etc.) and any W-2 forms. I pulled up my W-2 online to verify the numbers my former employer reported to the government.

Even before entering any income information, by virtue of the fact I have self-employment and business income, H&R Block informed me an upgrade would be required. For a better look, click on this image to zoom in. Including gains through the sale of investments in your income would require an upgrade, as well. There is no need to get fancy; if you don’t need hand-holding walkthroughs, the H&R Block Basic Edition, the least expensive flavor of the software, is all that’s necessary, although H&R Block recommends the other options, as well.

In fact, they will keep suggesting further upgrades, but if the Free Edition doesn’t contain all the features you need, the Basic Edition will be sufficient.

Adjustments, deductions and credits

I continued through the income section, entering information from my business, and proceeded to the section for adjustments and deductions. After entering the appropriate deductions, H&R provided the opportunity to choose to file using my itemized deductions or the standard deduction, with the total effect on my tax return for each.

Following the deductions, I was prompted to select credits I might qualify for. The Making Work Pay credit was already selected for me, most likely because I had entered W-2 income. The credit section moved quickly for me, and I proceeded to the taxes section, where H&R Block checks for additional taxes or penalties I would be required to pay, such as excess contributions to or early withdrawals from retirement accounts.

Printing and filing the returns

After finishing all sections and reviewing my federal tax return, H&R Block transferred my information to the state return. I entered the information that applies to New Jersey, such as the renter/homeowner rebate. After finishing the forms, I noticed that I did not enter the estimated tax payments I made throughout the year, so I went back to the pages to enter that information for both my federal return and state return.

At this point, H&R Block suggested upgrading to “H&R Block Basic + Best of Both Worlds,” which is an option where the tax returns are reviewed by a local H&R Block office. H&R Block would be the tax preparer of record, so they would responsible to pay any fees due to mistakes on the returns. This service costs $79.95 plus $34.95 for the state return.

In the final stages of filing, H&R Bock allows me to review the charges. I was required to upgrade from the Free Edition to the Basic Edition, so my federal return cost $19.95. The state return cost $34.95. Once filing and providing my banking information for direct deposit, I should receive my refund within ten days.

The first option for paying this fee is H&R Block’s Simple Pay, in which the filing fees are deducted from your refund (if the government owes one to you), for an additional fee. Other options are credit and debit cards, electronic transfer from a bank account, and coupon code. Six lucky Consumerism Commentary will receive a coupon code that will cover the federal and state filing fees, so keep reading to find out how you can enter to win.

Only after paying for the return does H&R Block offer some of its own options for receiving a refund, such as a Refund Anticipation Check. This service, for an additional fee, will provide me with my refund amount quicker than the IRS would produce a check. This might be beneficial to taxpayers who do not have bank accounts for direct deposit and, for whatever reason, need the cash fast. I don’t recommend this for most taxpayers. Open a free bank account and get direct deposit.

Consumerism Commentary is an authorized affiliate of H&R Block. Six giveaway products were provided to Consumerism Commentary free for the benefit of our readers. H&R Block did not compensate Consumerism Commentary for this review.

Photo: socialwoodlands

The original version of this article, H&R Block Online Tax Filing Review, is copyrighted by Consumerism Commentary.

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There’s a class of consumers who have worked credit card usage into a fine art, maximizing rewards across a variety of cards depending on the type of spending. It can get difficult managing several cards when you have one for better rewards on groceries, one for better rewards on travel, and one for more cash back on office supplies. Add a card for a balance transfer into the mix and it can get quite confusing. The Citi® Dividend Platinum Select® MasterCard® is a good choice for a consumer who wants everything in one card.

The first feature you’ll notice on the Citi® Dividend Platinum Select® MasterCard® is the 0% introductory APR on balance transfers for 18 months. The balance transfer fee is a relatively low 3%, so you can still benefit from moving a balance from a high-interest card to this one. The 18 month term is one of the longest available today, and depending on just how much of a balance you need to transfer (and what your previous credit card APR was), the savings can be quite substantial. Cardholders will also receive a 0% intro APR on purchases for 12 months.

Even with a great balance transfer offer, the Citi® Dividend Platinum Select® MasterCard® has more to offer. One of the best cash back credit cards on the market today, this card offers all cardholders 1% cash back on all purchase. Plus, cardholders can earn 5% cash back in rotating categories throughout the year. From now until June 30th 2011, these are the categories:

• Home Improvement
• Home Furnishing
• Home & Garden

When you shop through the Citi Bonus Cash Center, you can earn an additional 5% cash back on purchases from more than 400 retailers. Cardholders will even receive 1% cash back on all cash advances, which is not typical among other rewards programs.

You might expect the Citi® Dividend Platinum Select® MasterCard® to carry a very high interest rate, but it doesn’t. The purchase APR is a variable rate of 12.99% – 20.99%, depending on how good your credit is. This is also the balance transfer APR after the introductory period expires. There is no cost to own this card as an annual fee — a must-have these days when you’re considering a new credit card in your wallet.

From top to bottom, the Citi® Dividend Platinum Select® MasterCard® is the most complete credit card on the market today. Whether you need a low interest card, cash back card or balance transfer card, this card does it all. If you’re looking for something to help you manage your finances, while saving you money, strongly consider the Citi® Dividend Platinum Select® MasterCard®.

This offer has since expired and is no longer offered by Citibank

The original version of this article, Citi® Dividend Platinum Select® MasterCard® Review, is copyrighted by Consumerism Commentary.

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Although Citibank has been around for almost two hundred years, they continue branding to ensure their products are reaching as many customers as possible. Here's why Citi continues to heavily advertise the Citi® Platinum Select® Card, Citibank's flagship credit card.

The original version of this article, Citi® Platinum Select® Card Review, is copyrighted by Consumerism Commentary.

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As of today, Zions Bank offers one of the highest interest rates among high-interest savings accounts. Is it worthwhile to move your money there to take advantage of this interest rate? Today’s interest rate environment is not the best for moving money from bank to bank in search of the highest rate, so the more appropriate question is whether Zions Bank is a good choice for someone who is not currently taking advantage of a high-yield savings account. If you do not have a high-yield savings account and the money you keep for short-term expenses like emergencies is earning only 0.25% APY or less, as many are, open a high-yield savings account anywhere and start giving your cash a fighting chance against inflation — if not at Zions Bank, anywhere.

I’ve gone through the process of opening a Zions Bank savings account. This article contains a review of my experiences.

About Zions Bank

Before opening an account with the bank, I performed cursory research to understand the company that would be holding my deposit. Deposits at Zions Bank are FDIC insured up to the federal maximum, and I wouldn’t even consider opening a savings account at a bank that did not offer this protection or the equivalent protection available at credit unions. Zions Bank is based in Utah and has been in business since 1873. The corporation was formed by Brigham Young as Zion’s Savings Bank and Trust Company and was the territory’s first banking institution. The Church of Latter-Day Saints was involved with the bank’s operations until 1960, following a merger with other Utah banking institutions. After a series of name changes, the bank’s parent corporation is now known as Zions Bancorporation.

Zions Bancorporation operates 130 Zions Bank branches in Utah and Idaho, though the investment company’s operations span the western United States. The parent company is traded on the NASDAQ stock exchange (ZION). Zions Bank has a two star rating in Bankrate’s “Safe & Sound” system.

Opening a new Zions Bank Online Savings Account

The first page of the savings account application asks for your personal information. As expected, Zions Bank asks for your Social Security number, as well as your mother’s maiden name which will be used for identity verification when communicating with the bank. For communications, Zions customer service is available from 7:00 am to 8:00 pm Mountain Time every day except Sunday.

After completing my personal application, Zions suggested I open the bank’s free checking account, but I declined. Several additional features were offered. I declined the ATM account access option as well as the Visa credit card. I live in New Jersey, so there are no bank-owned ATMs local to me. I have no need for another credit card at this time.

Click the image to the right to zoom in.

Funding the Zions Bank Online Savings Account

New customers have three options for funding the initial deposit, which carries a minimum of $100. The application offers electronic funds transfer (EFT), check, and wire. For selecting check, the opening process would take longer, requiring you to send a check through the mail and waiting for the bank to receive it. The EFT process is the quickest, but it requires finding your bank routing number and account numbers. If you’re funding the account from an existing checking account, you can easily find this information on your checks.

I will be funding my new Zions savings account with an electronic transfer from ING Direct, and although I have the bank’s routing number memorized from the many times I’ve used it to fund new bank accounts, I always verify the number by logging into my account at that bank.

USA PATRIOT Act and Government Regulations

You may have noticed that opening a bank account in the past few years has involved more scrutiny for the applicant. To fight against terrorism — or against the funding of terrorism — banks are required to ask more questions about your purposes for opening a bank account. You will need to let Zions Bank know if you are a foreign government official, whether you plan to make deposits of physical cash (not electronic transfers), whether you plan to send or receive more than three wire transfers, if you plan to keep more than $1 million on deposit at the bank, and whether you are a business owner. You will also need to provide your occupation or industry and the name of your employer.

Like all savings accounts, Zions Bank will limit your withdrawals by internet, ACH, or telephone to six per thirty-day cycle. This is a federal regulation for savings accounts, but each bank can choose how they want to handle violations of this rule. Zions will charge a customer $15 per withdrawal over the limit of six in each statement period. ATM withdrawals are unlimited, however. There are no other fees for the Zions Bank Online Savings Account.

Once you provide all the information requested and agree to electronic disclosures, terms, and fees, the application is complete. Zions Bank will process the application within two business days, but your confirmation includes your new account number. provides instructions for accessing your new account right away, but you won’t be able to access your account until you receive confirmation by email. Your login name is the same as the email address you provided during the application process, and your default password is the first two letters of your mother’s maiden name followed the month and year of your birth.

Accessing your new Zions Bank Savings Account

Twenty-six hours after completing my application, I received my second email from Zions Bank to notify me that I could now access my account online. Using my email address and the password described above, I logged into ZionsBank.com. Note that while the password is case sensitive, and though I entered my mother’s maiden name capitalized properly, my password worked only when entering the two letters in lowercase. After entering your default password, you will have the opportunity to select a security image and phrase, now a common practice when banking online, and three challenge questions that will be used to verify your identity and register your computer the first time you log in and any time you view your account from a new computer.

After assigning answers to your chosen questions, you will be brought back to the main Zions Bank home page, and you can log in again. Once you are logged in and choose to register the computer, you will have the option of turning off paper statements and will see your account listed. If you log in right away, you will probably be viewing your account before your initial deposit makes its way to the bank. Zions Bank will present you first with your balance screen, which shows you the balances across all the accounts you hold at Zions Bank. You can click on the name of any of your accounts to see that account’s activity. In my case, there was still nothing to see.

The process of opening my account at Zions Bank has been flawless.

Bank data

The original version of this article, Zions Bank Online Savings Account Review, is copyrighted by Consumerism Commentary.

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Interested in opening a savings account at Discover Bank? Read this article first. Note: I’ve recently updated this review to indicate that transaction downloads for Quicken are now available.

Last year, I noted that E*TRADE Bank will be moving some customers’ accounts to Discover Bank. The only customers affected by this move are those who do not have brokerage accounts. I have a brokerage account through E*TRADE, so my savings account will not be moved.

Nevertheless, I am interested in checking out Discover Bank because they are currently offering a very good interest rate.

Click here to see Discover Bank’s current interest rate yield and apply for an online savings account.

Keep reading this article for a full review of opening and using a bank account at Discover Bank.

Opening a Discover Bank Online Savings Account

Step 1. Deposits at Discover Bank are insured by the FDIC and the bank has earned a five-star “Safe & Sound” rating from Bankrate. FDIC insurance alone, regardless of the five-star rating, ensures that regardless of the solvency of the bank, I will be able to withdraw my full deposit when needed.

When beginning the application process, Discover Bank lists everything needed to open an account. The few requirements lead me to believe that the account opening process will be smooth and quick. As with all banks, an address inside the United States, a date of birth, and a Social Security number are necessary.

I choose at this point to open a savings account. Discover Bank also offers FDIC-insured Certificates of Deposit (CDs) and CD Individual Retirement Accounts (IRAs) with high interest rates as well as Money Market Accounts.

At this time, Discover Bank allows the new customer to add a joint owner to the account. I don’t plan to share this account, so I decline.

Step 2. The second page of the application determines how to fund the account. I decide to link the account to my ING Direct Electric Orange checking account with an initial deposit of $2,500 funded electronically. Discover Bank requires a minimum of $500 for the initial deposit. If you would prefer to fund your account via a wire or check, Discover Bank offers these options as well.

In order to give your consent to Discover Bank to perform an ACH transfer, you will need to provide an electronic signature.

Step 3. All that remains now is to verify the information you have provided and electronically sign the tax certification. Banks are required to keep account owner signatures on file, and Discover Bank handles this electronically as well.

Step 4. Once the bank processes your application, you will be presented with a number of security questions based on the information in your credit report. Many websites use this type of authentication now. For example, you may be asked to select the town where you lived previously from a list of choices.

Note: On the confirmation page, you will see your full account number. Save this information by printing the page now because you will need your account number later in order to activate your online access. The bank will not send it to you through email, and it will take up to ten days to receive your welcome package in the mail.

After passing the security and identity check, I received an email confirming the creation of my new account, including a partially-hidden account number. Those who decide to fund their new account via check will receive in this email the bank’s depository addresses for regular U.S. mail or overnight mail. Interestingly, wire transfers are processed through Mellon Bank rather than being sent directly to Discover Bank.

Using the Discover Bank Online Savings Account

Twenty-four hours and ten minutes after receiving the first email, I received the second in which Discover informed me my account has been funded. That is faster than I expected, considering I started the process over a weekend. This email includes a link to Discover’s website whereupon I can register to view my new account online. After verifying this email was legitimate and not a phishing attempt, I followed the instructions.

Did you save your account number? If not, you will need to call Discover Bank’s customer service. You need the account number, your Social Security number, your date of birth, and your mother’s maiden name in order to activate online account access.

After selecting a user ID, a password, and security questions, you will be able to view your account online. I was surprised to see Discover had already posted interest to my account. You can see how much I received for one day in the screen shot included here.

You can use the Discover Bank website to set up recurring transfers through their “Automated Saving Plan” or initiate a one-time transfer from a linked account. If you want to link a new account, you will be asked to enter the banking information and required to verify small trial deposit amounts. Unfortunately, the account I used for the initial deposit is not automatically considered a linked account. I must go through the process of adding the same account to the list.

Discover Bank does not support Direct Connect (automatic configuration of the account and transaction downloads directly from Quicken), but it does now support Web Connect (transaction downloads by logging into the website). You can also include Discover Bank on Mint.com and any other website powered by Yodlee.

Discover Bank also offers a money market account for paying bills. This type of account offers debit card access, but you will need a balance of $10,000 to earn interest at a competitive rate.

Conclusion

The process of opening a Discover Bank online savings account was smooth and quick. This is the opposite of what I experienced with Everbank.

When I called Discover’s customer service to get my account number, the representative was helpful and friendly. My call, placed on a Sunday afternoon, was answered without any hold time.

Discover Bank’s features are basic, but it meets the needs of savers with the bonus of a highly competitive interest rate. I plan on taking a closer look at the bank’s high-yield CDs in the near future.

After nine months, I haven’t had any problems with my Discover Bank.

What do you think of Discover Bank? Let us know in the comments.

Bank data

The original version of this article, Discover Bank Online Savings Account Review, is copyrighted by Consumerism Commentary.

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Whether you’re giving or receiving gift cards, it’s usually a pretty positive experience. Both the giver and receiver are often satisfied because most gift cards allow the receiver to spend money in the way they want, as long as the giver has taken the receiver’s interests into account.

Sometimes a gift card can miss the mark. If you have ever received a gift card that is not useful to you, you might be familiar with the frustration. Rather than spend money on something you don’t want and more importantly don’t need, take a look at Plastic Jungle and cash in your unwanted gift cards.

PlasticJungle.com is an online marketplace for everything related to gift cards. If you have gift cards you need to sell, Plastic Jungle will buy them from you for up to 92% of their value. If you need to buy gift cards, you can do that as well, and often for a significant discount.

Even though this service is fairly new, the merchants serviced by Plastic Jungle number in the hundreds. If your gift card is from a national retailer or restaurant, they will gladly accept it. In the rare chance that no offers are provided for your gift card, you always have the option of using eBay to sell your gift card at auction.

Selling your gift card with Plastic Jungle is simple. All you need to do is enter the following information:

• Gift card merchant name
• Gift card amount ($25 minimum is required)

After you’ve completed these quick steps, Plastic Jungle will show you their offers for purchasing the gift card from you. If one of the offers is appealing, accept the offer. The service has several options for paying you for your card. The PayPal option provides an instant payment to your bank account, while a check will take a few days to process. Plastic Jungle pays for postage, so mailing in your gift card to the site is free.

Buying gift cards is just as easy. When visiting Plastic Jungle, you’ll see a long list of gift cards for sale from hundreds of merchants. Each gift card is discounted up to 20% off its face value, and purchasing a card is simple and straightforward. Provide your credit card information to complete the purchase. In a few days, your gift card is on its way. Like the gift cards that you sell to the site, gift cards you buy from this service will be shipped for free.

If you find yourself in the frustrating position of having a gift card you won’t use, check out PlasticJungle.com. You might find a help someone who can use the card and earn some cash at the same time.

The original version of this article, Sell Your Unwanted Gift Cards at Plastic Jungle, is copyrighted by Consumerism Commentary.

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Whenever you make a purchase with your credit card, the wise move is always to pay off the purchase before the bill is due to avoid interest charges and late fees. If you know that won’t be possible in the short-term, the best thing you could do is keep your interest payments low by choosing the card with the lowest interest rate. The PenFed Promise VISA Card can make sure that you pay as little interest as possible, with one of the best purchase APRs currently available.

The PenFed Promise VISA Card offers cardholders an introductory APR of 7.49% for 36 months. Unlike most credit cards where the APR jumps after the introductory period, this card only increases slightly, to a variable rate of 9.99%. The purchase APR depends on the prime rate, so if the prime rate increases, you can expect your credit card interest rate to do the same.

Unlike other credit cards, the PenFed Promise VISA Card does not offer a rewards program. Why in the world would you decide to use this card over another that can earn the user cash back or other benefits?

It comes down to the interest rate. If you’re planning a big purchase and know you won’t be able to pay the balance in full immediately, this is the card to use. Other credit cards charge between 11.99% and 27.99% depending on your credit history, and if you drag out minimum payments on those cards, your interest payments will be large. While you would receive a substantial reward on another card, the interest you will fork over will most certainly cost you more than the reward you stand to receive. In fact, the difference could be thousands of dollars over time.

The PenFed Promise VISA Card does not carry an annual fee, so the card is always free to own. You are required to be a member of the Pentagon Federal Credit Union in order to be approved for this card. If you meet any of the following criteria, you will be accepted into the credit union.

• Member of the United States Military or Uniformed Services
• Member of an eligible military association
• Employed by the US Government
• Employed by an eligible place of business
• Family member of someone in the United States Military
• Employee or volunteer of the American Red Cross
• Reside on a military base
• Make a one-time donation of $20 to the National Military Family Association
• Make a one-time donation of $15 to Voices for America’s Troops

This year, one of your many New Year’s resolutions should be to pay absolutely no credit card interest. For those unable to obtain this goal, consider the PenFed Promise VISA Card for big purchases.

The original version of this article, PenFed Promise VISA Card Review, is copyrighted by Consumerism Commentary.

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When I first started paying attention to managing my money, depositing my money in an interest-bearing savings or checking account was one of the smartest financial moves I made. While it’s still one of the safest, banks are paying next to nothing on interest these days. Instead of moving money from one account to another to chase the highest among low rates, consider the PerkStreet Checking Account.

All new PerkStreet account holders will receive a $25 sign-up bonus if they open and account and fund it before December 31, 2010. The initial deposit minimum is only $25, so for those looking to make a little extra money this holiday season, here’s your chance at a free $25 — an immediate 100% return, doubling your money.

The second great feature of the PerkStreet Checking Account is the amount of cash back you can earn on all purchases. Account holders with more than $5,000 in their checking account will earn 2% cash back on all purchases, with no tiers or spending limits. This cash back offer is better than most credit card offers on the market today, and using your checking account means not having to worry about late fees or high interest rates.

Account holders with less than $5,000 will still earn a solid 1% cash back.

In addition to that opportunity, all PerkStreet account holders, regardless of account balances, can earn 5% cash back on rotating categories and select merchants throughout the year. The categories and merchants are announced monthly, and the list for December focuses on holiday gift-giving.

The merchants included for January’s 5% cash back opportunity are any gym memberships, Jenny Craig, WeightWatchers, NutriSystem, H&R Block, Jackson Hewitt, Liberty Tax Service and Turbo Tax

There are no fees to sign up or maintain your PerkStreet Checking Account and PerkStreet Financial℠ Visa® Debt Card, and if you want coffee or music rewards instead of cash, you can do that too. The bonus earning rate is the same, so I’d prefer to get the cash and buy the coffee or music, while still having the flexibility to buy something else if I change my mind.

There have been reviews indicating customers have had difficulty transferring money in and out of their PerkStreet checking accounts on a regular basis. In addition, there are maximum transfer amounts depending on your account type, so make sure to check with PerkStreet before opening an account to learn just how often you will be able to transfer money in and out of your account.

PerkStreet is providing a great offer just in time for holiday shopping, so if you find yourself spending money at any of the retail outlets listed above, or are just interested in earning a quick $25 and saving 2% on all of your purchases, consider signing up for a PerkStreet Checking Account.

The original version of this article, PerkStreet $25 Checking Account Bonus With 2% Cash Back, is copyrighted by Consumerism Commentary.

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You don’t hear people complaining about gasoline prices as much as they used to. At least, I don’t write about it as much as I did in 2006 (or even in 2000, before Consumerism Commentary). I still remember being able to fill up my first Honda Civic for $12. When a few short years later, the cost to fill up the same size tank increased to $25 or $30, and commuting was a major part of my daily experience, I was not happy.

Prices at the pump have decreased from their peaks, and now the amounts we used to consider high are considered business as usual. We’ve grown accustomed to these prices, and this is now the new normal. For those looking to save some money on gasoline, a number of credit cards offer rewards for your fuel purchases. This is different than loyalty credit cards offered by gas stations, so you earn rewards on a wide variety of brands.

The Discover® Open Road Card was one of the first credit cards to focus on cash back for gasoline purchases. Cardholders earn 2% cash back on their first $250 in combined gasoline and restaurant purchases. All other purchases earn 0.25% cash back on the first $3,000 spent each year and 1% thereafter.

The Discover Open Road Card offers a few other perks. If you qualify for the card, you get a 0% introductory APR on balance transfers and purchases for 15 months. After that, cardholders will be given a variable APR of 10.99% to 19.99% based on credit history. If you’re looking to transfer a balance, the balance transfer fee is 3%, and the cash advance fee is either $10 or 5% of the amount, whichever is greater. There is no an annual fee.

All in all, if you’re looking for a quality gas rewards credit card, consider the Discover Open Road Card.

The original version of this article, Discover Open Road Card Review, is copyrighted by Consumerism Commentary.

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With more than 48,000 employees, United Airlines is one of the largest commercial airlines in the world. Partnered with Continental, United Continental Holdings is a founding member of the Star Alliance and offers more than 1,000 different destinations in 170 countries worldwide. I’ve flown on United and I’ve never had any problems like delays or poor service. If United is your airline of choice, you may want to consider signing up for the United Mileage Plus® Signature® Visa Card.

This offer is now expired

Cardholders of the United Mileage Plus® Signature® Visa Card will receive 25,000 bonus miles and a $50 statement credit after making their first purchase. Cardholders will also receive a one-way upgrade certificate and a $25 travel certificate after making just their first purchase. Last but not least, if you add another authorized user to your card, you will receive another 5,000 bonus miles. 30,000 miles is more than enough to redeem a round-trip Saver Award ticket, good for any destination located in the continental United States.

Chase has launched a new version of this card, the United MileagePlus Explorer Card, which offers new cardholders up to 40,000 bonus points in their first year!

The rewards program on the Chase United Mileage Plus® Signature® Visa Card is as simple as simple gets. Cardholders earn one point for every dollar spent. For an additional $35 annual fee, cardholders can upgrade their card and earn triple miles on all United flights and double miles on select purchases. Only frequent United flyers should consider this option. Otherwise, the return is not worth the fee.

Here are the pricing details on the Chase United Mileage Plus® Signature® Visa Card:

• 14.24% variable APR on purchases and balance transfers
• 19.24% variable APR on cash advances
• 29.99% variable APR if you default
• 3% balance transfer fee ($5 minimum)
• $60 annual fee

You can see that the $60 annual fee is high for a credit card but if you use your card enough to take advantage of the miles offered by United, that fee is insignificant. The 25,000 bonus mile offer is available for a limited time, so to take advantage, sign up for the United Mileage Plus® Signature® Visa Card today.

The original version of this article, Chase United Mileage Plus® Signature® Visa Card Review, is copyrighted by Consumerism Commentary.

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You may have noticed the high ranking for the Blue Cash® from American Express on our best cash back credit cards page. I own the business version of this credit card and use it for all of my business purchases and some bills. In terms of rewards, this card is one of the best around and with the brand of American Express behind it, you know you’re getting the absolute best in customer service and perks. Here’s what makes the Blue Cash® from American Express an interesting product.

If you’re a big spender, then the Blue Cash® from American Express card is a good choice. All cardholders will earn 1.25% cash back on everyday purchases like gas and groceries and 0.50% cash back on everything else, until a $6,500 annual spending requirement is met. Then the cash back rate jumps to 5% for those same everyday purchases and to 1.25% cash back for everything else. To my knowledge, this is the only credit card that currently offers 5% cash back on everyday purchases, though it requires the spender to cross a threshold to get there.

The Blue Cash® from American Express also includes an introductory 0% APR for six months on purchases, so any charge is interest-free for six months. The purchase APR after the introductory period is 17.24%, 19.24% or 21.24%, depending on your credit history. That rate is awfully high. If you do use this card, make sure you pay the balance in full every month to avoid costly interest charges.

As an added bonus, you get something you wouldn’t expect from an American Express Card — freedom from annual fees. The Blue Cash® from American Express is one of the only AmEx cards that does not have an annual fee. American Express can also can extend the length of the original manufacturer’s warranty up to one year on your eligible purchases that have U.S. warranties of 5 years or less.

All in all, the Blue Cash® from American Express is a great cash back credit card, possibly saving you hundreds in cash each year. The 5% tier for everyday purchases is one of the best credit card perks available today, making this a solid offer.

The original version of this article, Blue Cash from American Express Review, is copyrighted by Consumerism Commentary.

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Chase is offering a number of popular credit cards, notably the Chase Freedom® MasterCard, Chase Sapphire and Slate from Chase, which now include a set of features the company calls “Blueprint.” The Blueprint features give the credit cardholder some flexibility in organizing and paying off the various expenses he or she charges to the card. Customers can visit the website to customize their experience as they pay back what they have spent, and possibly avoid paying interest at the same time.

Here are some of the configurable options in the Blueprint program. If you’re interested in Chase Freedom, see this comparison and review of Chase Freedom offers.

• You can choose categories, like gasoline or groceries,rewards cards and Chase will separate those items from the rest of the statement. The payment you send will go to these expenses first, so as long as you pay more than you spend each month, you will not pay any interest in the categories you choose.
• For larger purchases, you can decide how may monthly payments you’d like to make. Chase will calculate the portion of the monthly payment.
• If you want to pay your credit card off in full — and everyone should — you can set the target date and Chase’s statements will tell you how much you need to pay each month in order to make your goal.
• Your expenses are categorized immediately, and you have access to view your data at any time. Many other cards, if they share your categorized data at all, send a summary only at the end of the year.

Chase Freedom® MasterCard – $100 Bonus Cash Back

A consumer credit card, the Chase Freedom® MasterCard – $100 Bonus Cash Back offers cardholders a $100 statement credit if $500 is spent during the first three months of card ownership. The Chase Freedom® MasterCard – $100 Bonus Cash Back also offers a 0% Intro APR for 12 months on balance transfers made in the first 30 days and a 0% Intro APR for 6 months on purchases. Also, you receive 1% cash back on all purchases and 5% cash back on rotating categories throughout the year. The Chase Freedom® MasterCard – $100 Bonus Cash Back does not have an annual fee and includes a variable purchase APR of between 11.99% and 22.99%.

Chase Sapphire® Card

The points you earn by using a Chase Sapphire® Card have many uses, including travel (any airline, hotels, and cruises), rewards available through Chase’s website, and cash back. According to the current program rules, the points you earn never expire. If you apply for the Chase Sapphire℠ today, they have a limited time offer where you will also receive 25,000 points after you make $3,000 in purchases with the card during the first three months. These bonus points are worth $250 in rewards and will be credited to your account after six to eight weeks, a typical bonus delay across the industry. For all purchases including that first purchase, you will earn 1 point for ever dollar you spend. For any dining purchases with the card, you will earn twice as many points. The Chase Sapphire® Card does not offer the Blueprint service.

Chase Sapphire® Preferred Card

The Chase Sapphire® Preferred Card is one step up from the Chase Sapphire® you see above, for a limited time the introductory offer is 50,000 bonus points for spending $3,000 in the first three months of card ownership. These points can be redeemed for a plane ticket or hotel accommodations worth up to $625. Points redeemed for travel are worth 25% more and at the end of the year, all Chase Sapphire® Preferred cardholders will earn a 7% points dividend, meaning you’ll receive even more points. Each cardholder will receive a dedicated phone number where live agents are available. The $95 annual fee is waived for the first year.

Continental Airlines OnePass® Plus Card

The Continental Airlines OnePass® Plus Card is an ideal airline miles credit card for anyone that travels, and particularly for those who regularly fly Continental Airlines. Cardholders will receive 25,000 bonus miles after making their first purchase, which is enough for a round trip ticket anywhere in the United States (excluding Hawaii) and can earn another 5,000 bonus miles simply for adding an authorized cardholder. You’ll receive 10,000 bonus miles when you spend $25,000 within a calendar year, and you’ll receive double points for all purchases made on Continental or United Airlines tickets. The most rewarding features of the Continental Airlines OnePass® Plus Card is that your first checked bag when flying Continental is always free and 2 Presidential Club passes are provided annually. There is an annual fee of $95 associated with this card, but it is waived during the first year.

Ink Cash℠ Business

The first of three business cards, the Ink Cash℠ Business has an introductory bonus of $250 cash back after you spend $5,000 within the first three months of card ownership. This card offers all small business owners the opportunity to earn 5% cash back on the first $25,000 spent annually on office supply store purchases, cellular/landline phone service, and cable services. In addition 2% cash back on the first $25,000 spent annually on gas and dining, and earning 1% cash back on everything else. If you need additional business cards for employees, Chase can provide them to you for no additional fee. The Ink Cash℠ Business does not have an annual fee, so as a small business owner, there is no cost for making fast secure purchases using your credit card.

The New Ink℠ Bold with Ultimate Rewards

The The New Ink℠ Bold with Ultimate Rewards has the potential to earn you thousands of points every year on eligible business purchases. It’s important to recognize that The New Ink℠ Bold with Ultimate Rewards is a charge card, not a credit card. The balance is due in full each and every month. With this card you’ll earn 50,000 bonus points after you spend $5,000 in the first three months of card ownership – that’s $500 in rewards, or $625 towards airfare when you redeem online through their Ultimate Rewards booking tool. You’ll earn 5X points per dollar on the first $50,000 spent annually on eligible business purchases. There is an annual fee of $95 to hold The New Ink℠ Bold with Ultimate Rewards but that is waived during the first year. Points can be redeemed for unrestricted travel on any flight, anywhere without blackout dates when booked through their Ultimate Rewards program. In addition each cardholder will receive complimentary access to airport lounges worldwide.

Ink℠ Classic

You’ll earn 25,000 bonus points after you spend $5,000 in your first three months of card membership Ink℠ Classic Business, worth $250 redeemable towards travel, gift cards, merchandise and more. This card comes with a 0% introductory APR on purchases and balance transfers for six months. One reward point is earned on every dollar spent, two reward points per dollar are earned on the first $25,000 spent annually on fuel and lodging purchases and 5X points per dollar on the first $25,000 spent annually on office supply store purchases, cellular/landline phone service, and cable services*. The Ink℠ Classic small business card does not carry an annual fee and employees needing additional cards are free of charge.

With or without Blueprint, these Chase cards are among the best deals out there for those who use credit cards responsibly. Have you had any experiences with these credit cards from Chase? Whether good or bad, please share your thoughts.

The original version of this article, Chase Credit Cards and Blueprint Review, is copyrighted by Consumerism Commentary.

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Are you looking for the latest version of Quicken? Here is my review of the newest version, Quicken 2012. Downloads of Quicken 2012 are available today.

I’ve been using Quicken for six years, and I have eight years’ worth of financial data in my files.

I had the opportunity to take the beta version of Quicken 2011 Premier for a test drive. After uninstalling my current version (2010 Home & Business) and installing the new version, it took less than two minutes to convert my data file from 2010 to 2011. Some of the business-related features are not available in the Premier flavor of the software, so if I decide to keep the upgrade, I would take the opportunity to “unlock” the Home & Business features. To be careful, I converted a copy of my regular data file rather than the “real” Quicken 2010 data. This will let me return to Quicken 2010 and consider buying the new version at a later date.

First impressions

I was surprised to see that the new version of Quicken now supports Direct Connect functionality with more of my banks. It looks like Quicken is using some of Mint’s technology acquired to increase compatibility with more financial institutions.

One great improvement that I’ve been waiting for since I first started using Quicken pertains to the interface. Quicken users have become accustomed to register screens that update slowly, particularly in investment accounts with a large number of holdings or transactions. My 401(k) falls into this category. I’m happy to report that there are no longer any delays in the register screen. The interface has been streamlined in addition to the increased speed. The account information for investment accounts is the biggest example of this. In Quicken 2010, each screen offered far too many navigation options.

The “Spending” and “Income” overview pages have been improved as well. I have about 60 active accounts in Quicken. Prior to 2011, the cash flow overview pages have not been close to accurate, and that could be due to the complexity of my data and I may even have some accounts categorized incorrectly. However, the new version seems to track my real spending and income much more accurately.

Here is my spending screen, with some of the numbers obscured with PhotoShop.

One of the more interesting features is a register view that presents all your transactions on one page. By default, this view lists each transaction across all your accounts, but you can customize the options to display each account type individually, such as only asset accounts, only checking accounts, or only liabilities. You can also customize this view.

Here’s what my net worth overview page looks like in Quicken 2011. Click on this image to zoom in.

Should I upgrade?

Here is the bottom line. If it’s been several years since you’ve upgraded Quicken, or if you’ve never owned Quicken and you’d like a powerful piece of software for managing your personal finances when free options like Mint are not enough for you, then Quicken 2011 is an obvious choice. If you are happy with a recent version of Quicken on your desktop, you might not want to pay for the upgrade. (You could win a copy for free; keep reading this article to find out how.)

Consider, however, that as far as yearly incremental upgrades go, this is the best annual improvement I’ve seen in Quicken for a long time.

Latest prices for Quicken 2011

Quicken 2011 giveaway

Note: this giveaway is now closed.

I am giving away four copies of Quicken 2011 Premier. Here is how you can win one of these copies. Each of the following will provide you with one chance to win, so you have a maximum of three chances. I was originally planning to give away two copies of Quicken 2011 Premier but Intuit has agreed to chip in two copies at their expense as well. Your chances for winning have just doubled!

• Leave a comment on this post.
• Like Consumerism Commentary on Facebook, share this review with your friends, and let me know in your comment below.
• Follow @flexo on Twitter and mention and link to this review. Your tweet should say:

Pls RT! Win a copy of Quicken 2011 from @flexo! http://t.co/shu1Yms

You must be over 18 years old and must have an address in the United States in order to qualify. The winners will be chosen using the random number generator at random.org. Thanks and good luck! The giveaway will end Thursday night, October 14, 2010, at 11:59 pm.

You can have even more opportunities to get Quicken 2011 for free! Investor Junkie is offering a 1 in 100 chance to win. Read his review for another opinion about Quicken 2011 from the pre-release version.

Intuit provided Consumerism Commentary with a copy of the beta version of Quicken 2011 Premier prior to this review and giveaway but have had no influence on the content of this review or form of this giveaway. Of the four copies of Quicken 2011 Premier, Intuit is providing two to give away to Consumerism Commentary readers. The others will be given away at our own expense.

The original version of this article, Quicken 2011 Review and Giveaway, is copyrighted by Consumerism Commentary.

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PerkStreet Financial, a company that launched just over a year ago has decided to kick things up a notch by offering something new in addition to their online checking account.

Previously, PerkStreet enticed customers with a $50 cash bonus for signing up a new account, then 2% cash back on all non-PIN debit card purchases for 6 months and 1% on all purchases thereafter but now they’ve outdone themselves. All new PerkStreet customers can now earn up to 5% cash back using their debit card. This is a debit card offering better rewards than almost every credit card I know of.

All PerkStreet debit cardholders are entitled to 2% cash back on non-PIN debit card purchases and 5% on rotating monthly categories. You may be familiar with cash back credit cards that offer 5% cash back on rotating categories like the Chase Freedom℠ Visa and Discover® More® Card but have you ever seen a credit card offer a flat 2% in addition to a 5% opportunity?

For the month of November 2011, PerkStreet will be offering 5% cash back on all purchases made at Movie Theaters, Local Bakeries, Netflix® and Hulu™ & BlockBuster®. Any other purchase made will earn 2% cash back if you have a balance of at least $5,000 in your PerkStreet checking account at the start of the day. If at the start of the day, you have less than $5,000 in your account, you’ll earn the default cash back rate of 1%.

Current PerkStreet account holders have been upgraded to this new cash back offer and while most cash back offers are promotional, this offer has no expiration date. The profitability of PerkStreet rests in their ability to save millions of dollars by focusing specifically online, rather than at brick and mortar institutions. The money you keep in your Perkstreet checking account is loaned out by The Bancorp Bank and the interest earned is shared with PerkStreet. So the more money you deposit, the more money they can loan out and the more money they make.

In addition to a world class cash back debit card offer, PerkStreet also provides the following for all checking account holders:

• Free checks
• No minimum balance required
• No account maintenance fees when you use your account
• The nation’s largest surcharge-free ATM network
• Free online banking and bill-pay

If you haven’t heard of PerkStreet before this offer, you’re not alone. PerkStreet is an up-and-coming consumer banking company, along with the likes of SmartyPig that you’ll see and hear a lot more of as time progresses. For now, PerkStreet has solidified themselves as the top option for opening an online checking account. With their current cash back offer, PerkStreet will continue to attract a lot of new attention.

To open up a PerkStreet checking account and take advantage of this amazing cash back offer, visit www.PerkStreet.com or sign up here.

The original version of this article, A Review of PerkStreet’s 5% Cash Back Debit Card and Checking Account, is copyrighted by Consumerism Commentary.

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This is a brief review of my experiences with the discount brokerage Scottrade. If you are interested, you can open an account at Scottrade here.

I first opened my account with Scottrade a little over five years ago. At the time, my current discount brokerage, Wachovia, began charging an inactivity fee. They claimed I was warned in advance through a notice accompanying my statement, and I could not get the first inactivity fee waived. Disappointed with the unnecessary fee considering the broker already made money from the loaded funds I purchased as a novice investor, I decided to to move my funds to a brokerage recommended by people I trusted.

Scottrade hasn’t let me down yet. My investments at Scottrade and formerly at Wachovia consist of a relatively small amount of funds remaining from gifts given to me as a child, held in a UTMA account until I was out of college. Some of these funds went to pay off the credit cards balances I built up while I wasn’t earning enough money to meet my basic expenses, but the rest has been sitting in this account, invested in AIVSX.

After opening my account with Scottrade, I received a few telephone calls from a customer service representative who wanted to discuss my account. One of Scottrade’s advantages over other discount brokerages is their physical locations. You can visit a Scottrade location and sit down with a broker to discuss your finances.

If you do plan to speak with a broker, listen to our interview with Richard Lewins, the author of How to Keep From Going Broke with a Broker — A Guide to Opening, Maintaining and Surviving Your Brokerage Account before you do in order to go into the discussion with the proper expectations.

Since I do not actively trade with my Scottrade account, I can only share a small amount of details. I receive online statements and I can view my activity, consisting exclusively of dividends reinvested in AIVSX. I have never had a problem with Scottrade and will continue to leave these funds there until they decide to implement an inactivity fee or an account maintenance fee.

I already wasted enough money paying a load fee on each investment as well as a $50 inactivity fee and a $75 termination fee to Wachovia, and I don’t wish to do the same with Scottrade. I have no reason to believe these fees are in this brokerage’s immediate future.

What are your experiences with Scottrade? Leave your thoughts in the comments below.

The original version of this article, Scottrade Discount Brokerage Review, is copyrighted by Consumerism Commentary.

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I’m still hanging onto my cash back rewards credit card, using it for most of my personal spending. The only way cash back benefits work in favor of the consumer is when he or she pays the bill in full and on time each month, spending only what they have available to spend. Many people simple wouldn’t benefit from cash back rewards cards because the cards will charge more interest than the value of the rewards.

If we’re going to be completely honest, don’t forget that credit card issuers and the retailers who are willing to pay fees to accept cards at the counter or online are aware that overall, consumers spend more with credit cards than they do with cash.

For the last few years, issuers have scaled back their rewards programs. Cash back rewards are typically less than 2% and subject to an annual maximum. Here are some of the details behind a decent rewards card, Citi CashReturns Card.

The Citi CashReturns Card offers unlimited cash back on every purchase and cash advance at a rate of 1%, as well as $5 cash back for every balance transfer $1,500 or more. Citi will automatically send you a check for your cash rewards any time you reach $50, an advantage when some cards either credit your account once a year or require that you request a check.

Right now, the Citi CashReturns Card is also currently offering a 0% APR on balance transfers for up to fifteen months. Even with a fee of 3% of the balance transferred, transferring a balance from a high-rate credit card can be financially advantageous, as long as the balance is completely paid off within the promotional term.

The card also does not charge an annual fee. You shouldn’t pay an annual fee for a credit card if its most valuable benefit is cash back, and most people should never pay an annual fee.

If you use a cash back rewards credit card, what is your favorite?

The original version of this article, Citi CashReturns Mastercard Review: 1% Cash Back Rewards and 0% APR, is copyrighted by Consumerism Commentary.

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Zecco is a discount online brokerage offering trades for $4.50. I decided to open an account with Zecco recently to try my hand with stocks with a small amount of “fun money.” Trading stocks, not to mention options, is a risky way to manage your money, and I prefer to buy mutual funds and hold them for as long as possible.

I did, however, put some money into Toyota Motors in the midst of the media frenzy surrounding the company’s recalls. I’ve made about $20 after fees on that purchase so far. This would have been more if I had traded with Zecco’s lower-cost brokerage.

With any investment over the long term, fees have the most detrimental effect on your returns. To increase your chances of success, reduce or eliminate those fees by using a discount brokerage.

Opening a Zecco Discount Brokerage Account

To open your account, begin by creating your online profile. I had a profile I created several years ago, so I logged in and selected the option for opening a trading account. At the beginning, I was able to choose to make several account selections. First, I designated the trading account as an IRA, individual account, or joint account. I then chose whether I wanted to trade on margin or not. Trading on margin, borrowing money from the brokerage to make investments, is a risky move.

Do you want to trade options? Zecco offers options investments, although these will not qualify for commission-free trading. I signed up for Level 2 trading privileges. This will be my first experience with options if I choose to test the waters.

After selecting the configuration for my trading account, Zecco asked for my personal information like address and Social Security Number. I was required to enter my annual income, net worth, and some other details about my experience with stocks and mutual funds and my investment objectives. After this, I entered the routing number and account number for my funding source, my ING Direct checking account.

The next step involves agreeing to Zecco’s terms and conditions and providing an electronic signature. Zecco informed me the approval process could take 30 minutes or longer, and not much longer, I received an email to notify me my application has been approved. I still needed to wait a few days to receive trial deposits in my ING Direct account.

I received those trial deposits yesterday and proceeded with funding the account with an initial deposit. I’m waiting for the funding to reach Zecco before deciding how to experiment with this new account.

I’ll reserve my final judgment on Zecco until I’ve had the opportunity to trade a bit. If you are a customer of Zecco discount online brokerage, what do you think about your account?

The original version of this article, Zecco Discount Online Brokerage Account Opening Review, is copyrighted by Consumerism Commentary.

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For two years, SmartyPig has been making so-called high-yield savings accounts look bad. The 1.75% APY currently offered is not a sky-high interest rate, but it beats just about every other major bank.

Two years after introducing SmartyPig with a $100 giveaway, and after SmartyPig made some important changes to their fee structure, I decided to open an account.

SmartyPig’s focus is on savings goals. I see this as a natural extension of ING Direct‘s easy sub-accounts. In order to add money to your SmartyPig account once opened, you must create a savings goal, like a full emergency fund, a car, or your second semester at Harvard Business School. If you don’t have a specific goal, you can get past this step by choosing “miscellaneous,” though SmartyPig encourages you to find something to save for.

Like Discover Bank and Sallie Mae Bank, the account opening process was free of problems. Here are my impressions so far.

Opening a SmartyPig Savings Account

Update: SmartyPig has been selected as the winner of the First Annual Plutus Award for Best Savings or Money Market Account!

The first thing you might notice is that “SmartyPig” does not sound like a traditional bank name like, “First National Federal Bank of Metropolis.” SmartyPig is an arm of West Bank of Des Moines, Iowa. West Bank is a member of FDIC, so despite the non-traditional name, your accounts there will be federally insured up to the allowed limits.

You will need all the basics in order to open an account with SmartyPig, including an official ID, social security number, and a permanent address. After accepting the terms and conditions and the electronic delivery disclosure, you will be asked to enter your personal information. From the beginning, you will be asked to create five security questions, select a security phrase, and choose an image that will help assure you you are visiting the right website. These are all common security measures.

SmartyPig requires an email address, and once you provide one, you will not be able to continue with the account opening process until you retrieve a registration code sent to that address. When I went through this process, it took about two minutes to receive the registration code.

The next step allows SmartyPig to verify your identity. The bank will query your credit report to pull random information to ask you in the form of multiple choice questions. If you answer incorrectly twice, your application will be canceled and you will be required to wait 72 before starting over.

If everything goes well, however, you will soon be presented with your SmartyPig profile, where the bank will encourage you to set up your savings account.

Add your friends to your SmartyPig profile

Before adding my first savings goal, I wanted to link my account with two of my friends who have their own SmartyPig accounts. Yes, SmartyPig is a “social” bank. You have the option of sharing your goals with your friends or the public, and anyone can contribute to your savings goal. SmartyPig makes it easy for others to deposit money directly into your account. You can search for friends to add only by entering their email addresses.

I also took the time to add a profile picture to my account.

Creating your savings account and goals.

You can create any number of savings goals on SmartyPig, but first you must create and fund a savings account to hold those goals. The account must be funded through ACH, so have the bank account number and routing number for your linked checking or savings account available. Once the information is verified, you can set up your first savings goal.

For lack of anything better at the moment, I chose to save for a Canon EOS 5D Mark II, a new camera I’ve been eying. You will set a savings target, an initial deposit of at least $25, and a recurring deposit from a linked bank account. I chose to transfer an amount biweekly on the same day I receive my paycheck.

SmartyPig is the first bank that “gets” social networking. After setting up your goal, the bank will encourage you to share the news with your friends on Facebook, Twitter, or your own website.

Withdrawing your money from SmartyPig

If your savings goal is really a “spending goal,” like my example, then you may be interested in the withdrawal method most favored by the bank. SmartyPig has partnered with a number of retailers to offer discounted gift cards. If you reach your goal, SmartyPig will fund a gift card of your choice with a bonus of up to 12%.

The second option for withdrawing the cash you have accumulated is through a reusable SmartyPig-branded MasterCard debit card.

Although the bank discourages ending your goal and withdrawing your money prematurely, SmartyPig now allows you to make ACH withdrawals for free. At any time, you can withdraw all of the cash saved towards a goal at any point.

Since SmartyPig encourages customers to leave cash in their account until their goals are complete, SmartyPig customers withdraw funds less than customers of other banks. The average savings goal is four years away, so the bank can afford to offer interest rates that have more in common with long-term certificates of deposit.

As Consumerism Commentary reader Jaime G has pointed out, you cannot designate a SmartyPig account for joint ownership (only “co-ownership”), nor can you at this time designate a beneficiary.

Conclusion

In addition to savings goals, SmartyPig is a great option for a portion of your emergency fund. Now that you can withdraw your savings through ACH for free, there is no reason not to take advantage of SmartyPig’s higher interest rate for any savings you don’t need within two business days if you don’t mind withdrawing the entire goal. My initial ACH transfers into the account was slower than I would like, but if you plan on letting your cash earn compounding interest, the interest rate makes it worthwhile.

Interestingly, SmartyPig does not have a routing number nor do customers receive an account number. You cannot use an outside source to initiate ACH transfers, nor can you set up direct deposit of your paycheck.

Note: A SmartyPig public relations representative wrote in to clarify that you cannot withdraw partial goals — you must wait for the goal to be completed or withdraw all of the funds saved towards that goal. I’ve clarified the text above. Additionally, the representative wished to point out that ACH transfers take an industry-standard two business days.

What are your thoughts about SmartyPig?

Bank data

The original version of this article, SmartyPig Savings Account Opening Review, is copyrighted by Consumerism Commentary.

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At the beginning of March, the banking arm of Sallie Mae, a publicly-traded corporation whose main business is student loans, began offering high-yield savings accounts. As I’ve mentioned before, “high-yield” is currently a joke; just a few years ago, you could deposit cash in high-yield savings accounts and count on slightly beating inflation.

It is likely your money in a savings account will lose purchasing power until rates increase again. Even then, with the proliferation of online savings accounts, the marketplace might look much different than the last time rates here high.

I’m not normally a fan of chasing high interest rates; the time and effort generally don’t outweigh minor gains in after-tax income. I suggest finding a bank that offers consistently high interest rates and sticking with them until you have a problem with the bank or could earn at least a hundred dollars more by moving your money.

Because I review banking products, I have many active savings accounts. With Sallie Mae, I am adding one more. Like Discover Bank, opening my account at Sallie Mae Bank was very easy.

Opening a Sallie Mae Bank Savings Account

The first page of the account application announces the process will take ten minutes, and I found this to be an accurate estimation.

In order to proceed with the application, you will need your Social Security number, personal identification such as a driver’s license, and the banking information for your linked bank account. I grabbed the routing number and account number for my Electric Checking account at ING Direct and my New Jersey driver’s license, and I was ready to go.

Sallie Mae integrates the online access set-up with the application process. This is a much more efficient way of handing account set-up than the processes used by many other banks. You can see below I was able to create an online account and a PIN for use when calling customer service.

After confirming the information entered is correct, Salle Mae verifies identity by asking the familiar questions derived from data points on the customer’s credit report. Once Sallie Mae completes the identity verification, the bank offers an option for entering a routing number and account number for an external linked bank account from which the initial deposit will be withdrawn.

Sallie Mae requires no minimum balance, so I started with an initial deposit of only $100. Given the bank’s higher rates, I may move more funds from ING Direct to Sallie Mae in the future.

Using the Sallie Mae Bank Savings Account

After completing the above process, I was able to view my new Sallie Mae bank account with a zero balance. One enticing feature about Sallie Mae’s high-yield savings account is the ability to link the account to a Upromise account. I’ve been using Upromise for many years, but I no longer use a Upromise credit card. Even without the branded credit card, I earn a few dollars a year.

With a Sallie Mae bank account, I will be able to withdraw any balance over $10 from Upromise. Until recently, the only way to withdraw money from Upromise was to invest it directly into an education investment account, use it to pay off certain student loans, or to request a check for balances over $200.

I was disappointed to see that the only format options for downloading transactions are “Money,” a software no longer in production, and “Excel.” There is no support, either through Direct Connect or Web Connect, for Quicken. In the Quicken desktop software, Sallie Mae is not listed as a supported bank for downloads. Additionally, neither Mint nor Yodlee currently support Sallie Mae. This bank account is a new offering, so this situation might change within a few months.

Once the external funding account is verified, through the typical micro-deposit technique, you will be able to transfer funds at will as well as establishing an automatic recurring transfer.

Conclusion

Sallie Mae’s high-yield savings account may be too new to make a final judgment. The account opening process was the smoothest I’ve ever experienced, even quicker than Discover Bank’s process. I did not need to refer to an email or a welcome package in order to access my account online. The Upromise integration is exciting. This account is a must for anyone with a Upromise account who does not have any education-related savings or investing needs.

What do you think of Sallie Mae Bank’s high-yield savings account?

Bank data

The original version of this article, Sallie Mae Bank Savings Account Opening Review, is copyrighted by Consumerism Commentary.

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Last year was the first year I abandoned my own tax return preparation, deferring to a professional to do the dirty work. I’m glad I did; he suggested I restructure my business retroactively, resulting in a savings of about $15,000. I still haven’t seen most of this; the IRS is still processing my amended 2008 return.

As you could probably guess, my taxes are more complicated than most people’s. For many years, I was able to take care of my tax filing using online software. Prior to using TurboTax Online, I completed the forms by hand and sent the paper forms through the mail. At the time, I had one W-2 and one or two 1099-INTs to worry about — no Schedule C, no deductions, nothing remotely interesting.

Unfortunately, I made a miscalculations the last year I filed by hand. the IRS caught the error and corrected my return, and I was required to pay more money at a time I was not fully prepared to do so. I decided I would trust a software program to calculate my taxes in the future. I started with TurboTax Online, alternating occasionally with TaxACT.

This year, TurboTax Online is featuring several new or enhances features.

Tax deductions and credits

The 2009 tax year is interesting. There are about $13,000 worth of credits and deductions available to taxpayers. The company estimates that 95% of all taxpayers will qualify for at least one credit or deduction. Thanks to a government looking to wrest the economy from the throes of recession, there have been two major additions to the list of tax credits for 2009: the Making Work Pay Credit (2009 Economic Stimulus) and the New Home Buyer Tax Credit, The latter is not just for first-time home buyers anymore.

TurboTax has been updated to include even the most recent changes to the tax law. If you answer the software’s questionnaires correctly, TurboTax will let you know what you qualify for.

Improved error-checking

TurboTax now checks for errors as you go along. In most cases the software will provide immediate feedback. In previous years, most error checking would take place in a final step before printing or filing.

Bookmark or flag pages

While TurboTax estimates that most people will complete their tax returns in two sittings, I usually took longer to finish entering my information. Part of the problem is I’d often come across a question for which I didn’t have my answer on hand. For situations like these, TurboTax offers a feature to flag the page. Your flags are like bookmarks. You can give each flag a name and jump right the the correct location next time you log on.

This could be helpful if you don’t have a dependent’s Social Security number at the time you start completing your tax return. Once you come to this question, you could flag the page and continue through the forms. You could complete your entire return if you have the information available, and return at a later time to provide the missing Social Security number and file.

Live help from the TurboTax community

If you have any questions while completing your tax return, you can search for answers provided by other TurboTax users. TurboTax employees monitor these answers, so in most cases, the information you receive will be confirmed to be legitimate. Remember that most people answering these questions are not professionals.

Answers are rated by the community, and some participants are designated “superusers” and “pros.” Pros are tax professionals, verified by TurboTax. These ratings and designations help improve the chances that the information you receive is correct.

TurboTax offers an option to “Ask Tina a Question.” Tina generates automated responses to simple, frequently-asked questions.

Conclusion

These features help to place TurboTax Online among the top software options for filing personal and business taxes online. One additional point I’d like to mention is that the TurboTax team is more accessible than any representatives from any other company I’ve ever done business. You can find the team anytime on Twitter (follow TurboTax, TTaxChels and TurboTaxAshley) to hear the latest about TurboTax or to have your questions answered by someone from Intuit.

Keep reading Consumerism Commentary. In a few hours, we’re going to announce a major giveaway involving TurboTax. This will not be an ordinary giveaway.

The original version of this article, TurboTax Online Review, New Features, is copyrighted by Consumerism Commentary.

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Author Jane Bryan Quinn took her massive personal finance book published in 1997 and revised and updated the information to create Making the Most of Your Money Now: The Classic Bestseller Completely Revised for the New Economy, which will be released on December 29, 2009. I got my hands on a copy of this 1,242 page book for a preview.

The strongest aspects of Making the Most of Your Money Now are its scope and its depth, from basic finances to insurance, home ownership, paying for education, and retirement. Quinn emphasizes that individuals form their beliefs about and relationships with money in early years of their lives, and can therefore be generalized based on what the experiences lived through as they matured and grew into a financially aware person. This allows her to contrast the Depression Kids, Inflation Kids (raised in the 1960s and 1970s), Bubble Kids, and Struggle Kids.

Making the Most of Your Money Now is best described as an encyclopedia with annotations. For example, Quinn explains the differences between four ways to own property with another person (joint ownership with the right of survivorship, tenancy in common, tenancy by the entirety, and community property) but goes further by building cases for and against joint ownership of property in any form depending on various situations.

The checklists included in chapter seven will come in handy. For every milestone one might encounter throughout life, Quinn offers a checklist to ensure the important considerations are covered. Each point on each list is described in detail. If you find yourself in the midst of a divorce, there is a (long) checklist for that. If you want to offer your kids allowances, there is a checklist for that. There is even a checklist for those of us starting a home-based business.

In one small section, the author takes on a topic with my admiration. As I, she is not particularly a fan of The Latte Factor — the idea that taking away a pleasurable but expensive daily habit will change your financial life. She agrees with me — the money you save by cutting out $3 or $4 a day can add up, but the real effect is caused by unnecessary spending, particularly on credit cards.

Quinn tackles investing, particularly those concepts that everyone needs to know. As someone who purchased company stock through an automated quarterly investment plan and is still hanging onto stock purchased at its peak waiting for it to return, I had an eye on the author’s thoughts on what it takes to break even, the four illusions I am cherishing:

1. You think that the price will come back soon because you couldn’t have been so wrong. In fact, the price could stay down for years. It might never come back. [ed. note: my company's stock needs a 100% return starting now to get back to its high.]

2. You think that as long as you don’t sell, you don’t have a loss. But a “paper” loss is just aas real as the other king. The stock is worth less than you paid for it. Period.

3. You think that there’s only one way of earning back the money you lost: by holding ion to the stock you lost it in. But you might earn your money back faster by selling the stock and reinvesting in something else.

4. You think that gains come just as easily as losses.

There are many more goodies in this book. But don’t buy it and expect to sit down and read it from cover to cover. If you want a book from which you can get specific ideas for action and read in one night, look for something like I Will Teach You to Be Rich by Ramit Sethi. Making the Most of Your Money Now is a book that is more valuable on your bookshelf, always available in an emergency when you need to understand a financial concept in detail.

Jane Bryant Quinn, the author of Making the Most of Your Money Now, is scheduled to appear on an upcoming episode of the Consumerism Commentary Podcast. We will be talking about some of the information found in this book. If you have any questions you’d like Quinn to answer, please leave them here and we’ll try to include them in the show.

The original version of this article, Review: Making the Most of Your Money Now by Jane Bryant Quinn, is copyrighted by Consumerism Commentary.

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Are you looking for the latest version of Quicken? Here is my review of the newest version, Quicken 2012. Downloads of Quicken 2012 are available today.

Note: This is a long article containing an in-depth review of the new version of Quicken. If you are just interested in the giveaway of Quicken 2010 Deluxe, scroll to the bottom of this article.

It took me a long time to warm up to Intuit Quicken. When I first saw the software in the early or mid 1990s, I wasn’t very interested. That’s not the software’s fault; at that time I most likely did not see the need for tracking money I did not have. When I finally realized I needed to build some control of my personal financial situation, I first looked for free solutions.

After several months of spending less than I was earning and tracking my progress using freeware, I evaluated Microsoft Money alongside Quicken. Money looked nice and ran smooth while Quicken was clunky and unattractive, so I stuck with Money for a few years. After some time, I came to realize that Money’s features for dealing with investments were not as comprehensive as I would like, and for some reason it interpreted the downloaded data from my 401(k) incorrectly. I decided to give Quicken another shot.

While Quicken wasn’t perfect, it worked better with the transaction data I downloaded from the banks and offered configurable reports. So I stuck with it, and I still use a desktop version of Quicken almost every day. I receive questions about why I haven’t switched to popular Web 2.0 applications like Mint.com (review here). These websites offer interesting features, particularly those powered by community aggregate information, but they lack some of the basic investing functionality that I get from the desktop version of Quicken.

Quicken 2010 review, first impressions

I received Quicken 2010 Home and Business in the mail yesterday and gave it a test drive tonight.

The upgrade from Quicken 2009, including downloading updates to the software online, took about ten minutes. Tens of thousands of transaction records needed to be converted to the new version, and this took the bulk of the time for the upgrade.

After the upgrade was complete, the software brought me to Quicken.com to register. Although I am already registered at Intuit, I was required to provide my information again before using all of the software’s functionality. Although required, the registration process was quick.

I was impressed with the new version’s look and feel. The interface is redesigned to be cleaner, and switching from one page to another within the software seems to move faster. One of my biggest complaints about Quicken has been its sluggish display but this seems to be greatly improved.

Quicken 2010 opens to a new main screen with three horizontal sections. The top includes a pie chart describing your spending within categories and the middle of the screen lists your anticipated expenses.

The focus here is on your cash flow: how much is left in your spending accounts at the end of the month. Here is the top half of my screen. Click on the thumbnail to view the image full-size (and note the exceptionally large tax expense thanks to quarterly estimated payments).

The bottom section of this screen is new. According to Quicken, it would take 5 minutes to begin tracking spending goals. I began creating spending goals, which seem to form a softer style of a budget. Unfortunately, because I use sub-categories, Quicken’s “average monthly spending” in categories like “Auto,” “Dining,” and “Entertainment” were inaccurate. As a result, the “suggested monthly goals” were not appropriate. I solved this by choosing my own categories, such as “Auto:Fuel” rather than “Auto.”

After assigning several categories to watch, here are my results so far for October.

I also like the new Net Worth tab. Here is what the top half of my Net Worth page looks like.

Downloading data from banks

The “Direct Connect” feature of Quicken, in which you store your bank accounts’ passwords in the software and send Quicken on a mission to download your latest transaction data, has never run smoothly for me. In Quicken 2009, this process would occasionally lock the software, requiring me to kill the process through the Windows Task Manager. Furthermore, this downloading should be a background process. However, whenever you initiate the data update, you are preventing from performing almost every other task in the software.

Quicken 2010 has not fixed this completely. During the update process in the new version, Quicken will prevent you from moving around the software.

What to look forward to

All things considered, this seems to be a good upgrade with my limited experience so far. But like most yearly, incremental software updates, there is not a lot to justify buying the software if you already have a recent version of Quicken.

The best news from Intuit is not reflected in Quicken 2010. As a result of Intuit’s pending acquisition of Mint.com, the CEO of Mint.com, Aaron Patzer, will be leading the development of the desktop version of Quicken in addition to the online personal financial management software. I expect future versions of Quicken will look slicker and work faster as Intuit leverages the team and the talent behind Mint.com.

Latest prices for Quicken 2010 versions

Before you buy, consider trying to win the giveaway for Quicken 2010 Deluxe. Instructions for entering the giveaway are below. Free is always a better option. Also, Intuit often offers discounts. Right now the software is offered for full price only. But keep watching Consumerism Commentary to find out when new discounts are available.

If you’re a Mac user, hang on until February 2010. A new version of Quicken for Mac will be released next year, and Intuit says the will be a major upgrade from the most recent release. Alternatively, you can run software on the Mac that emulates Windows and allows you to run these updated versions of Quicken.

See the Quicken 2011 review and giveaway for a chance to win the latest edition of Quicken’s desktop software.

Giveaways

Intuit sent me two copies of Quicken 2010 Deluxe to give away to readers. Here is how you can win one of these copies. Each of the following will provide you with one chance to win, so you have a maximum of three chances.

• Leave a comment on this post.
• Become a fan of Consumerism Commentary on Facebook and let me know in your comment below.
• Mention and link to this review on Twitter. Your tweet should say:

Pls RT! Review and giveaway: Quicken 2010 from @flexo! http://bit.ly/RjD3y

You must be over 18 years old and must have an address in the United States in order to qualify. The winners will be chosen using the random number generator at random.org. Thanks and good luck! The giveaway will end Friday night, October 23, at 11:59 pm.

Update: The giveaway has ended and the winners will be announced shortly.

The original version of this article, Quicken 2010 Review and Giveaway, is copyrighted by Consumerism Commentary.

If you enjoyed this article, follow @flexo on Twitter and visit Facebook for more updates.

As I’ve mentioned recently, my maternal grandmother passed away a few days ago, my second of two grandmothers to pass away in the past few weeks. A few years ago, she moved out to California to be cared for by my mother and brother who had also moved out to the west coast several years earlier. When my grandmother entered hospice care, I mentioned to my boss that I would be taking a few days off for the funeral with short notice, as I intended to travel to California to be with my family. On Tuesday last week, my mother called me to share the news while I was getting ready to leave work for the day.

I immediately began searching for a round-trip flight that would take me from the New York City or Philadelphia area to the Los Angeles area on Wednesday and back over the weekend. My primary tool for searching for flights online is SideStep, but I also look at websites for individual airlines. Not finding anything and wanting to leave the office to continue searching at home, I notified my boss that I would be out for the remainder of the week.

I decided to give the Visa Signature concierge service a try. I signed up for a Visa Signature card earlier this year for the purpose of putting its service through real-life tests and writing about them here. There is no annual fee, but the card is marketed offering exclusive perks and services, such as a 24-hour concierge and access to exclusive events. I called the Visa Signature concierge during the drive home with the intent of using the service to find and book my flight to California.

The concierge who answered the phone could not have been less helpful. To research flights, a travel specialist needs to be on call, and at the time I called, they had none. The best they could do is take my flight requirements and get back to me within 24 to 48 hours, and the impression I took away from the call is that all travel requests require this excessive turnaround time. Since this was Tuesday evening and I needed to travel Wednesday, this did not meet my needs. A regular travel agent would have been able to take care of my request immediately.

I thanked the representative for her help but I spent an hour or so doing my own research and booking the flight when I arrived home. I determined that bereavement fares, last-minute rates designed for people who need to fly in situations like mine, do no longer exist at most airlines. When they do, the rate is a five or ten percent discount off the full coach fare, not the non-refundable economy fare. I would be better off with the economy rate. I spent more than I would have liked, but the fare I chose was decent for a non-stop flight considering the circumstances.

I’m pleased I was able to be with my family in a difficult time, but I would have liked the process to be smoother, and the concierge service let me down.

Photo: Doug Letterman

The original version of this article, Visa Signature Concierge: Useless for Immediate Travel, is copyrighted by Consumerism Commentary.

If you enjoyed this article, follow @flexo on Twitter and visit Facebook for more updates.

If you’re a frequent reader of this (or any other personal finance blog) you’re familiar with credit scores and credit reports, and the advice to check them often.

These resources detail your financial history and provide a measure of your supposed financial risk. They’re also useful tools to determine the safety of your identity. However, when was the last time you checked your ID Score?

MyIDScore.com is a new company that offers what they call, “a new way to quickly assess your risk of identity theft.”

Your ID Score is:

A statistical score that’s based on technology currently used by leading communications, financial services, retail companies, healthcare providers, government agencies, and consumers to assess your risk of identity theft. These companies use ID Analytics’ scoring technology to ensure that fraudsters do not apply for goods and services in an innocent consumer’s name.

Basically, your ID Score will give you an overall picture of the security of your identity, just as your credit score gives you an overall picture of the state of your finances. Monitoring every single part of your identity that gets tossed around is a big job, and MyIDScore.com wants to help.

The interesting thing is, even though you’ve probably never heard of ID Analytics, you’ve almost certainly had your data analyzed by them, notes an MSNBC.com article:

ID Analytics is not exactly a household name. That’s because most of us never deal with the company directly. But if you’ve purchased a wireless phone, have a credit card or applied for a retail charge card, there’s a good chance the company analyzed the information on your application.

How does it work?

After providing your personal information, ID Score utilizes information provided by retailers, governmental bodies, financial service providers, healthcare companies, communication providers and other companies to determine how you can protect your identity.

What about privacy?

Obviously, if you’re providing all of your personal information, MyIDScore.com will have access to quite a bit of what goes on in your life. By doing this, it’ll be easier to monitor what goes on in your life, but you won’t be the only one doing it. The site does take privacy very seriously, and you can choose how your information is used.

Is it worth it?

Monitoring your identity is becoming more and more of priority, especially since the ways in which someone can access your personal information are increasing exponentially. IDScore may be the right fit for some people, and it seems to be an extremely useful and powerful tool.

Am I going to use it? Probably not right now (knock on wood). I’m comfortable with the “old school” methods I’m using to protect my identity for the time being. I can see myself considering IDScore.com in the future, however.

It’s good to know that there are tools out there that can help you keep your identity safe. Many people would benefit from a product like this, and I’d recommend it to anyone who is even moderately worried about their identity.

The original version of this article, MyIDScore.com: What’s an ID Score?, is copyrighted by Consumerism Commentary.

If you enjoyed this article, follow @flexo on Twitter and visit Facebook for more updates.

A little while ago, I noted the interest rates offered by EverBank and decided to open the Yield Pledge Money Market Account to take advantage of the generous “bonus” interest offered in the first three months of holding an account. The account opening process, beginning on July 8th and two weeks later on July 23rd, was more of a chore than I planned, but there is an explanation for most of my dissatisfaction.

Initial online banking application

The beginning of the process was much like that for any other bank. I visited EverBank.com and proceeded to apply for my account online. The first step was to choose the account type. Everbank offers a number of products, including a money market account, a checking account, certificates of deposit, credit cards, and investment accounts. I like starting small, so I chose the aforementioned Yield Pledge Money Market Account, noting the $1,500 minimum deposit required to open the account. (Many online banks do not have any minimum deposit requirement.)

After choosing the account, I provided my personal information. EverBank asked for the same information I usually see on other banking applications including Social Security Number and my mother’s maiden name as security measure. I was also asked to provide an additional security code and hint.

Everbank asked for my employer’s name and phone number, though they offered alternative responses such as self-employed, retired, homemaker, and student. I could not choose both self-employed and name an employer, so I named the company I work for during the day. Questions about employers are occasionally asked on banking applications, so this did not raise any concerns.

The next step required a credit check. Applicants can choose whether to allow an instant credit check during the application process or to delay this part of the process. I was anxious to begin banking quickly, so I authorized a real-time credit check. In order to further validate my identity, a number of questions were generated based on the information on my credit report and I answered all to satisfy EverBank’s requirements. Though I am starting to forget old addresses, employers, and loan issuers, I succeeded in answering the questions correctly. This is a common method for proving identity.

Funding options

Having satisfied all of EverBank’s curiosity, or so I believed, I was offered with the options for funding my account. My initial $1,500 could be deposited with a written check or by bank wire. There were no ACH or EFT options provided to me. This would be explained to me later, but at the time of application, I was disappointed.

With modern online bank accounts, I expect technology to provide me with instant options. I expected the entire account opening process might take three business days at most, with the bulk of that time spent waiting to verify an external account for transfers.

I chose the check option, and wrote a check from my personal account. Note that I wrote the check for $1,500, the amount listed as the account minimum. If my average balance were to fall beneath this amount during any month, I would be charged a fee. I know this because EverBank required me to agree that I read about their rates and fees before continuing. Keep this in mind for later.

EverBank asked me whether I’d like to print the application or received an application in the mail within five to seven days with my information pre-filled. Again, this was too much paperwork for what is supposedly an online bank account.

Filing the application and troubleshooting

On July 12, four days after beginning the process, I received the pre-filled application in the mail. I signed and dated the documents, included my check for $1,500, and mailed the package back to the bank. I received no further communication for more than a week, when on July 20 I received an email to let me know that my application was received and my account had been opened, but I would not be able to access my account until I received a second package from the bank in the mail to welcome me as a customer.

After receiving this email, I expressed my disappointment with the account opening process here on Consumerism Commentary. This article attracted the attention of the bank, and on July 21, the same day I posted the article, I received an email from the Vice President of EverBank in charge of “acquisition marketing” at EverBank. He was concerned with the delay I was experiencing and he said he would look into my application to determine if there was a problem.

The next day, we spoke on the phone. This was Wednesday this week. He explained that my credit report showed that there is a business registered at my mailing address. Although there was a typo in the name of the business, there is certainly a registered business here, representing this blog and other internet development work. As I signed up for a personal account and there was a business associated with my address, that produced a red flag.

Due to the fact that my address is “mixed-use,” I was not able to take advantage of the ACH initial funding option or electronic signatures. According to the VP, most new account holders will not have to go through the lengthy process that I experienced.

I would be interested to hear from those who have had a smoother experience opening and funding their account. I do have to wonder whether I received attention from the bank that other customers without popular personal finance blogs might not receive. This story is not yet over, however.

Accessing the money market account

I received the welcome packet last night and used the information provided to access my new money market account online. Once logged in and viewing my balance, I immediately double-checked the fee schedule to ensure I would never be charged fees for maintaining this account. To my surprise, the minimum average daily balance for the Yield Pledge Money Market Account was now $5,000 instead of $1,500!

The welcome packet I received contained a schedule of fees that does not match the schedule online, which I linked to above and will link to again. At the time I am writing this — because anything can change — the PDF linked here lists $1,500 as the minimum average daily balance required to avoid a $4.95 monthly fee. The document I received in the mail lists $5,000 as the minimum average daily balance required to avoid an $8.95 monthly fee.

I hope that the mailed schedule of fees (with the higher minimum balance and the higher monthly fee) is older than and has been superseded by the schedule I see online. Here is visual proof of this discrepancy.

Does anyone else see the problem here? I’m preparing this article, like I do many for Consumerism Commentary, in the middle of the night. It’s unlikely that customer service is available to settle the dispute between documented fees, but I will update this article once I receive an explanation. Note: I have included an explanation at the bottom of this article.

Linking an external account for transfers

Anxious to ensure I was avoiding a fee for using an account in a banking environment in which it is so easy to find fee-free money market accounts, I immediately began configuring a linked external bank account to transfer $3,500 more into my EverBank money market account, which was looking decreasingly like a good account to maintain. I chose to set up a link between EverBank and ING Direct.

There were two options to create this link. I could either enter my ING Direct login information or wait for EverBank to deposit two small dollar amounts into the ING Direct account which I could then verify later. I chose the instant option, but ING Direct did not accept my login information as I entered through EverBank. I think this is related to ING Direct’s security policy that restricts other applications, like Mint and Quicken Online, from linking to ING Direct. (You can hear ING Direct’s chief operating officer Jim Kelly explain this on this coming Sunday’s Consumerism Commentary Podcast).

I resorted to linking the account via the slower deposit verification method, and it will be a few days before I can complete the process of adding to my balance.

Conclusion, thus far

I decided not to wait for the final transfer before writing this review. While I understand that it is possible that having a business registered at my address will raise warning signs to the bank I realize that EverBank’s anti-fraud policies have been successful for the company, the process has been inconvenient overall.

If you have experiences with EverBank, whether positive or otherwise, please feel free to share.

Update: Explanation of the minimum balance and fee discrepancy

On July 8 when I first accessed EverBank.com and began my application for the Yield Pledge Money Market Account, I was re-routed to a back-up or redundant server, and that server had not been updated with the latest fee schedule. With my luck, I managed to access the redundant server when I activated my online access as well. Perhaps this is due to my tendency to work late at night when redundant servers are more likely to be active while the main production servers undergo maintenance.

It was actually this post that brought the issue to the attention of the server administrators at EverBank. At 1:00 pm on July 24, the back-up server was updated to link to the new fee schedule, which includes the minimum $5,000 average daily balance and the $8.95 account fee.

The original version of this article, EverBank Money Market Account Review, is copyrighted by Consumerism Commentary.

If you enjoyed this article, follow @flexo on Twitter and visit Facebook for more updates.

American Express created a frenzy among the wealthy when it decided to take advantage of rumors of an exclusive black-colored charge card, used by movie stars and music celebrities for purchasing jets and other items beyond the financial reach of us mere mortals. In 1999, American Express introduced the Centurion Card, a black charge card with no spending limits and a veritable cornucopia of exclusive benefits, all for a significant fee.

Last year, Visa saw the opportunity to market to the same demographic when this company launched its answer to the Centurion Card, the Visa Black Card which I’ve previously described in detail. Although the assumption is that the Visa Black Card would compete with the American Express Centurion Card, it actually has more in common with the Platinum Card® from American Express.

• Apply for the Visa Black Card
• Apply for the Platinum Card® from American Express
• Application to the American Express Centurion Card is by invitation only

Do you qualify?

If you want to hold a Centurion Card, you must be a Platinum cardholder for at least one year and you must have spent $250,000 on the card in twelve months. Both the Platinum and Centurion Cards are charge cards, not credit cards, so you are expected to pay off your entire charged balance each month.

To qualify for an American Express Platinum Card, the prevailing thought is that you will need an annual income of at least $100,000 and a high credit score in order to be approved. To check your credit score, visit GoFreeCredit.com for a 7-day free trial.

The Visa Black Card is a credit card, not a charge card, offered to only 1% of the United States population. You and three million other people might qualify for this card. Some current Visa customers have received invitations or have had their existing Visa cards automatically upgraded. There have been reports of people with poor credit and little or no income being approved for this card, and an invitation package was sent to a man who had been deceased for seven years.

Annual fees

The Centurion Card is in a class of its own. When you qualify for the Centurion Card, you will be charged a $5,000 initiation fee and an annual membership fee of $2,500. That’s a total of $7,500 will will owe after the first billing period without having spent any money.

The Visa Black Card carries an annual fee of $495 while the American Express Platinum Card requires a yearly membership payment of $450. This fee comparison makes it clear that the features of the Visa Black Card are more likely to be in line with the Platinum rather than the Centurion.

Concierge services

All three cards offer 24-hour concierge services. The purpose of a concierge is to have a personal assistant with the resources to take care of arrangements you do not have time for yourself. A good concierge should be able to order and deliver gifts to the people you specify, give dining recommendations and make reservations, even in the most popular restaurants. A concierge would be your proxy for shopping.

The Centurion Card goes further by assigning you a personal concierge, so you theoretically always deal with the same employee from the service, who gets to know you and your preferences. Additionally, the Centurion Card reportedly permits you to schedule private shopping at high end stores, such as Gucci, Neiman Marcus, and Sony.

Travel services

The Visa Black Card offers 24/7 legal, medical, and financial emergency travel services, as does the Platinum Card and the Centurion Card. All three cards offer travel accident insurance. The Visa Black Card offers up to $250,000 insurance while the Platinum Card® from American Express offers $500,000 insurance. The Centurion Card offers $1,500,000 in travel accident insurance.

If your baggage is delayed while traveling, the Visa Black Card will credit you $100 a day for three days, while the Platinum Card will insure your baggage up to $2,000. The Centurion Card will insure up to $1,250 for carry-on items and $500 for each checked bag.

Purchase protection and warranties

If there is a problem with any purchase you make with the Visa Black Card, the card can reimburse the owner up to $500 before 90 days have passed since the date of purchase. The Platinum and Centurion Cards protects holders up to $10,000 per occurrence and $50,000 total per cardholder per year within the same 90 days of the purchase.

Summary

In most cases, the Visa Black Card, despite its appearance, is more competitive with the Platinum Card® from American Express. Based on these benefits, the American Express Centurion Card is in its own class despite some features in common with the Platinum Card® from American Express. Many of the Visa Black Card’s services are more aligned with Visa Signature benefits, a level that usually does not carry any annual membership fees. I’ll stick with a free Visa Signature Card, which also comes with concierge services, purchase security, and all features at levels identical to the Visa Black Card.

Your opinions

With fees starting at $450, are luxury credit cards worthwhile? Have you received any offers for the Visa Black Card?

The original version of this article, Comparing the Visa Black Card With American Express Platinum and Centurion Cards, is copyrighted by Consumerism Commentary.

If you enjoyed this article, follow @flexo on Twitter and visit Facebook for more updates.

A few years ago, General Motors was having trouble remaining in business, and its subsidiary that provided customers financing for automotive purchases, GMAC, converted to a bank holding company to take advantage of the Troubled Asset Relief Program (TARP), receiving $5 billion from taxpayers through the government. By this time, GMAC Bank, a division of GMAC, already offered retail banking, including savings accounts, certificates of deposit, and money market accounts.

In an attempt to distance itself from the faltering GM brand, GMAC Bank re-branded itself as Ally Bank, focused on offering a high-yield interest product, and began actively seeking new customers and depositors. Later, the bank’s parent company, GMAC, also re-branded itself to become known as Ally Financial. Today, Ally Bank offers some of the most competitive banking products, and was in talks to purchase ING Direct.

Click here to apply for an account.

Opening an account with Ally Bank

Last year, I decided to become an Ally Bank depositor. Before doing so, I wanted to be confident that my money would be safe amidst General Motors’ impending bankruptcy. Funds deposited with Ally Bank are insured by the FDIC up to the recently raised limits. I won’t come close to exceeding $250,000 in this account. The Treasury had recently provided an additional $7.5 billion to GMAC, so Ally Bank’s immediate parent company was well capitalized at that time.

Here are my experiences from the bank account opening process. As I visited the website to begin my application, Ally Bank warned me that I would need my driver’s license (or an alternate state or military identification number) in addition to my social security number to proceed.

Like some other banks, Ally performs a credit check to verify identity, but they may also reject your application if you are viewed to be a credit risk. The possibility of rejection based on credit history is unusual for banks, but considering this bank is owned by a financing company that later became a bank holding company and this type of structure might increase in popularity, requiring credit checks for bank accounts may be part a new reality.

It look less than two seconds once I submitted my application for Ally Bank to inform me my application was approved. Once inside this virtual gate, I was able to choose whether I wanted to receive paper or electronic statements. I always choose electronic to cut down on paper waste, and I wish more services would offer this option from the beginning.

Here’s another great feature. Like ING Direct’s sub accounts, I could create as many separate savings accounts, with their own account names and numbers, as I wanted. At this point in the initial set-up, I could also add money market accounts and certificates of deposit.

I set up two separate savings accounts, both to be funded electronically from my ING Direct Electric Orange checking account. Like configuring linked accounts at any other bank, I will be required to verify two small deposits to ensure I am the owner of the linked account. Options for a one-time initial deposit or a recurring automatic savings plan are available.

Ally Bank then required me to create my security settings for viewing my account information and activity online. The bank has combined most of the security features that have become commonplace over the past few years. I created a user name and a strong password, including mixed case letters and numbers. I selected some secret code words, an image I can expect to see each time I log in, and three security questions and answers. Ally also provides the option for registering the computer you mainly use for accessing the website to avoid repeated security questions at each online session.

If Ally Bank does not recognize the computer you are using to log into your account, they will send you an email with a single-use password to further confirm your identity. I have not seen this feature implemented anywhere else.

Using the Ally Bank savings account

Once logged in, I was impressed with the clean look of the interface.

Ally Bank supports Intuit Quicken and Microsoft Money through Web Connect, which means you can log into the bank’s website and download your activity. At this time, you cannot automatically download your Ally accounts’ activity through Quicken directly (“Direct Connect”). If you like Excel for reconciling your account, Ally offers a flat comma-separated values spreadsheet for download.

Transfers among your Ally accounts and to and from your linked bank accounts are free, but keep in mind that savings accounts and money market accounts are limited to six withdrawals per period by the government.

Ally Bank charges no account maintenance fees and there is no minimum balance. If you exceed the six withdrawals mentioned above, Ally will charge a $10 fee. Cashier’s checks and wires carry an additional cost. A returned deposit item, if a check you send bounces or if you don’t have funds in an external account to cover a transfer, will cost $7.50.

The bank is also drawing attention to their 24-hour customer service availability and the plain language used throughout their website. I have not yet worked with Ally’s customer service, but I will be sure to report any future frustrations.

Conclusion

Opening my account with Ally Bank was painless and quick, and I like how the website operates so far. After my initial deposit is transferred, I will have a better idea of how quickly funds are available and can be transferred back to external accounts. I will return with more information at that time.

The main question I have moving forward is how long Ally Bank will be able to maintain their position as one of the highest among high-yield savings accounts. Bank have long used high interest rates to lure new customers only to drop the rates when they become confident in their position as leader, like ING Direct, or when the bank changes ownership, like Washington Mutual.

The American Bankers Association (ABA) sent a letter on May 27, 2009 to the FDIC requesting that Ally Bank be forced to lower their deposit interest rates, citing the bank’s unfair competitive advantage. It is unfortunate that the ABA would take this stance with savers forced to settle for interest rates that will not reach the rate of inflation going forward. The ABA has since removed the letter from the organization’s website.

Like I said above, I am not concerned with risk to the liquidity of my deposit despite Ally Bank’s association with GMAC and General Motors. If the worst happens to General Motors, Ally Bank should remain relatively unaffected.

If you are interested, apply for an Ally Bank savings account here and let me know about your experience by commenting below.

The original version of this article, Ally Bank Savings Account Review, is copyrighted by Consumerism Commentary.

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A number of bloggers who write about personal finance have branched into the world of print. Here are some of the latest offerings.

Ramit from I Will Teach You To Be Rich has published a book by the same name. I reviewed the book back in March.

Trent from The Simple Dollar has written a document in the form a 49-page PDF called Everything You Ever Needed To Know About Personal Finance On Just One Page (note the irony). The book has every-day, common-sense ideas based on the post from several years ago in which the blogger outlined basic personal financial concepts on the backs of five business cards. This eBook is available for free via download.

The authors of Wise Bread have collaborated on 10,001 Ways to Live Large on a Small Budget.

Kerry K. Taylor, known around the blogosphere as Squawkfox has compiled 397 Ways to Save Money, in the form of a book currently available for pre-order on Amazon.ca. Kerry will be a guest on an upcoming episode of the Consumerism Commentary Podcast.

The original version of this article, Books and eBooks by Personal Finance Bloggers, is copyrighted by Consumerism Commentary.

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A little over a year ago, Russell Bailyn, an investment adviser who crossed the barrier into the blogosphere with his Financial Planning Weblog, contacted me to let me know he was beginning work on a book. As Russell and I were both music education majors in our respective undergraduate universities, I was eager to support his endeavor. I’m happy to report that Navigating the Financial Blogosphere: How to Benefit From Free Information on the Internet was published earlier this fall.

In Navigating the Financial Blogosphere, the author takes twenty-six of the most popular financial questions and dedicates a chapter or two to each. The questions run the gamut from basic financial knowledge to intermediate investing techniques, professional financial designations, and the mystery of variable annuities.

Russell takes a real-world approach to answering financial questions, such as, “Are Credit Cards My Enemy?” and “What Are My Chances of Getting Social Security?” In this book, the author is able to present two sides of a story, particularly when addressing a hotly debated issue. For example, Russell tackles the question of dabbling in real estate as an important part of an investment portfolio. He discusses the pros and cons and allows the reader to decide how real estate can fit into their own overall investing scheme. I applaud Russell for not making many blanket recommendations other than the most basic. He understands that financial advice is personal and the right answer for one investor is not always the right answer for another.

I have not yet mentioned this book’s strongest selling point and what makes Navigating the Financial Blogosphere unique. It’s apparent from the title, however. Not only does the book cover the essential aspects of financial planning, but it is full of references to online resources, all free. These resources can be used by the reader with an Internet connection to research any issue. Many of the resources are personal finance blogs, like Consumerism Commentary, Free Money Finance, and My Money Blog.

Russell goes beyond blogs as well, pointing the reader towards Motley Fool, FinAid, and BankRate. Each chapter concludes with a summary of the online resources available for that chapter’s topic. All of the resources listed are still active as today, and they are the types of websites that should be around for a long time. These summaries function as a filter. One could simply enter the topic about which they wish to read more into Google, but the quality of these results will vary. Russell has picked the best for you.

The methodology of including current websites also provides the author with a reason to publish updated editions periodically.

If you’re familiar with the world of free online information, particularly personal finance blogs, and you feel you are confident in your ability to pick the wheat from the chaff, then you might not be the primary audience for this book. However, if you are just starting to become aware of the importance of personal finance and enjoy online research, this would be an excellent book for you. The value of this book is in the financial advice and information coupled with the best online resources.

Russell’s first paragraph on the hardcover sleeve explains his philosophy in writing this book:

While many of us trust the advice of so-called “experts” when it comes to our financial well-being, the fact is that many of these professionals either aren’t objective enough or simply have an opinion that they want to push on us. This is ironic in that finance is a very subjective discipline, and many financial issues can be resolved by combining a few simple rules with a solid understanding of your own personal preferences.

I’m quite flattered that Russell included Consumerism Commentary as a resource in several of the chapters, and it’s an honor to be mentioned alongside the other great financial resources available for free online. I highly suggest reading Russell Bailyn’s Financial Planning Weblog if it’s not all ready part of your personal finance blog reading.

The original version of this article, Review: Navigating the Financial Blogosphere by Russell Bailyn, is copyrighted by Consumerism Commentary.

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The other day, I arrived home to see two boxes, one large, one smaller, waiting for me on my doorstep. A quick inspection verified that the shipment came from Sumo Lounge, who were sending Consumerism Commentary some product samples for review.

Sumo Lounge sells hip, urban furniture in the form of huge nylon sacks filled with some kind of bead product. I’m not sure why they wanted to have Consumerism Commentary review their product, but I agreed with the stipulation that they also provide one to give away to readers. (That comes later, so keep reading.) It turns out that MyMoneyBlog reviewed the Sumo Lounge Omni and Otto last year, so personal finance blogs are apparently within their target market.

Anyway, since the boxes were blocking my front door, I carried them up to my apartment (see photo). Surprisingly, the boxes were very light.

They stayed unopened until I was ready to dedicate the time necessary to deal with more “furniture.” The larger box contained the Sumo Omni, the “chair,” and the smaller box contained the Sumo Otto, the ottoman.

I pulled the Sumo Omni out of the box, and it was already “assembled.” It is a bright red bag, made of what appears to be very strong nylon. I tried unsuccessfully to rip the material with my bare hands, and decided not to pursue the endeavor with sharper objects. My illegal resident cat, Rupert, spent some time playing with the Omni at this time, and his claws had no damaging effect. This was actually one of my primary concerns before receiving the chair, but I see that I don’t have to worry about damage.

The foam beads which give the chair a unique feel are sealed in by a strong zipper and the zipper is hidden from view with strong velcro. This image shows, though it may be difficult to see, the beads inside the bag.

What’s neat about the Omni is its ability to hold its shape. It’s actually quite comfortable. The official website describes eight different shapes and supplies images of ten different colors. My girlfriend and I tried out as many of the positions pictured on the website without getting tired. Yes, the Omni is big enough for both of us to be comfortable at the same time.

It’s actually much more comfortable than I expected for sitting, whether in the Omni with my feet up on the Otto, or just sitting on the Otto itself. Laying the Omni flat and pushing the beads around a bit to even out the support, the chair converts to a small bed. Sumo calls the configurations a “floor pillow.” It’s nothing like a pillow-top mattress, but it’s comfortable enough, even for sleeping.

Pictured below are the Omni and Otto in some of the more standard shapes.

At $149 for the Omni (currently $129 with free shipping) and $75 for the Otto (free shipping), it’s a bit pricey. This is high-quality material, however, and these seats are not even reminiscent of the old bean bag chairs you may remember from the first episode of 3-2-1 Contact. You’re more likely to see Playboy bunnies lounging on the Omni. This would have been great for back when I was in college, but it still looks nice in my more “adult” apartment. I considered putting it upstairs in my loft, but I’m going to keep the set in my living room to show it off to and be used by more visitors.

Sometime later this week, I will kick off a contest to give away one Sumo Omni to a lucky reader. The winner will get to choose the color from the ten choices listed here. If you think this might be an interesting addition to your household decor and furnishings, I suggest you enter once the contest begins. You have nothing to lose.

The original version of this article, Sumo Lounge: Not Your Average Beanbag Chair, is copyrighted by Consumerism Commentary.

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A review of Mint.com follows.

Seven years ago, you would have found me blissfully unaware of my spending practices and their impact, flourishing my credit card without a second thought as I ran up my tab at restaurants and shops. I defined living life fully as having the things and experiences I desired, and I thoroughly enjoyed myself, imagining that I could travel anywhere and do anything I liked.

There was a catch, though. Only through intentional ignorance could I stand to keep it up, refusing to look my finances straight in the wallet. When I was confronted with bills I’d flinch, pay what I could, and hope to straighten things out later.

It was a frightening day when I finally faced my situation. During such “rich” living, I’d not realized the weight that my debt added onto my life. I was tipping the scales way out of balance, and the only way to even begin to fix things was to gather my finances and face the situation head-on.

Now, I watch my finances daily, with a slight degree of paranoia. I suspect that any moment I’m not paying attention, a spending mishap or stock fluctuation will sneak in and alter my financial landscape. I am obsessed with a constant need to know where I stand against my goals, planning strategies and swelling with pride at every small stride forward. I thrive as I watch my debt dwindle.

Besides my mindset, my biggest obstacle to financial awareness was my hatred of math. There, I’ve said it. I despise balancing checkbooks, tallying accounts, and performing almost any analysis involving a calculator. And though I’m starting to get to know them better, balance sheets, cash flows, and other documents which look like corporate financials make my eyes glaze over.

I have outlined my own budget and expenses several hundred times in Excel, only to find I never want to look at them again. It’s just how I am.

While I had high hopes for MS Money and Quicken, I found them to be expensive and somewhat burdensome to work with. I spent hours categorizing things only to realize that I didn’t have the time at home to keep it up, nor did I find the reports all that helpful.

I kept wanting it to be simpler, clearer, cheaper. My finances at a glance, in one place, but accessible online from anywhere without needing to remember scores of passwords.

I found this to some degree in Yodlee’s account aggregation, encountering the service first as Wachovia’s “One Stop” and then as Fidelity’s “Full View“. Some use Yodlee MoneyCenter directly, I’ve heard, but I always access their services via one of my account providers.

Though the service can look and work differently based on implementation, it’s relatively simple. Essentially, there’s a one-time setup phase, where you add your accounts, and then each day you log in and refresh your data to view a snapshot of exactly where you stand financially.

Bank accounts, loans, brokerage, credit cards, 401K and other investments tally up to a neat net worth, with transaction information easily accessible. Even insurance, frequent flyer miles and my billpay service can be added to this view. I set it up once, and now log in every day, sometimes two or three times a day. I told you it’s an obsession.

The problem? It’s great to get such a high-level at-a-glance view, but it hasn’t grown with my needs. There are no analytical tools, no way to categorize and tag items and get different views or reports of the information presented or any helpful tips to improve my situation.

Until Mint.com, that is. Launched last week, this free online money management service features the security and ease-of-use of the Yodlee platform with a host of simple yet effective tools for categorizing, analyzing and ultimately improving one’s relationship with money.

Their web site makes some impressive claims:

Mint is the freshest, most intelligent way for you to manage your money online. Not only is Mint free, it saves you money. While existing personal finance software “solutions” require hours to set up, a passion for accounting (is that possible?) and hours of weekly maintenance, Mint is virtually effortless.

Can it be true? Can it really save you money? Most importantly, can it save me from the things I most dread, mathematics and accounting?

I’ve been beta testing their service for a few months now, and have formed some strong opinions so far. So, let me introduce you to Mint.

The Setup
Signing up is extremely simple – enter your e-mail, zip code and password and you’re ready to begin adding accounts. The site advertises “Two minutes to financial organization”, and I found that to be true once the traffic surge resulting from Mint’s recent TechCrunch 40 award win finally subsided.

The Add Accounts page itself is set up like a virtual wallet with each account on its own “card”, so you click a card to find your financial institution from the over 10,000 banks and credit card companies Mint currently supports and then add away until your finances are fully represented. You enter your access information and answer any security questions once, and Mint stores this information for future retrievals.

While some may have concerns about the security of this setup, I feel comfortable with it because of my experience to date with Yodlee. Plus, most of the access information is not stored in clear text so it would not be easily harvested if the account was compromised. Overall, I find that daily monitoring of one’s accounts is the best way to ensure that damages are limited and quickly controlled if unauthorized access occurs.

Mint does not currently allow users to add brokerage and investment accounts, however since the Yodlee platform offers this I am expecting it to be part of a future release. My bank and credit card accounts alone were sufficient to give me a taste of what Mint can offer, but I feel that including all types of financial assets is what will make the service a true success.

For now, this is what my Add Accounts page looks like:

The Service
As depicted in the screenshot below, Mint has one of the friendliest, clearest net worth depictions I’ve seen to date, with a clear outline of accounts and a “financial health” meter that shows cash versus debt in a high-level, easy to understand way. The dashboard displays important alerts for things like low balances or deposits, bringing these to your attention. E-mail alerts are available as well, keeping your money on your mind even when you’re not logged in.

But that’s not all. Within the Transactions tab, all transactions from these accounts are displayed and pre-categorized for you, although you can change categories or add notes at any time. A handy chart shows your spending history for the last three months when you highlight any vendor, and a similar income history is provided for deposits. Labels can be added for additional clarity and classification, but the whole interaction is very easy.

The Spending Trends tab offers some great graphs and charts, showing spending by category and, once a category is selected, provides percentages of spending by vendor. The bottom of this page features a section called “How is my spending changing?”, especially valuable for those seeking to benchmark progress on altering spending habits. The graphical approach makes interpretation extremely simple.

The feature which really distinguishes Mint from its competitors, however, lies within the Ways To Save tab. Unlike Wesabe, which when I tried it offered a small group of user-provided comments intended to be hints, Mint points out exactly what kinds of savings can result from simple changes in account providers, whether in terms of interest earnings or credit card interest rates. This, too, is clearly illustrated, as shown below:

As Mint is still growing its offering, I expect these suggestions to grow more extensive and robust over time. I am a bit of a rate-chaser and have spent hours on BankRate trying to determine where I should move my money or credit account and what my savings can be if I do so. If Mint can provide sufficient information for me to do a true comparison within their service, I won’t have to search elsewhere for rates and will remain on the pulse of what’s competitive.

Unlike Yodlee, I don’t need to constantly refresh my account data with Mint. Mint updates this information automatically and can e-mail alerts regarding unusual activity, low balance or other bank fees and more, making sure that I’m kept aware of important happenings even if I forget to log in and check up on things. Features like this help people like me to be a bit less obsessive about checking my accounts – I can hand-pick the alerts I’d like to receive and even have them sent to my mobile phone or wireless device if I’m traveling.

Mint.com delivers on its promises to help users better understand their spending and financial habits and highlight opportunities for savings. Their web site boasts that they can help users “stop overpaying” and “start oversaving” by locating lower prices and higher interest rates, and it seems the architecture is in place to accomplish this if Mint develops a strong and varied range of partners.

I believe Mint provides a great, easy and best of all FREE way for people to begin a daily relationship with their finances, and if the service continues to grow over time to encompass my entire financial picture, I’ll be completely sold.

I may never do math again.

The original version of this article, Account Watchers and Account Ignorers Anonymous, Meet Mint, is copyrighted by Consumerism Commentary.

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Wall Street Journal Complete Real-Estate Investing Guidebook
David Crook
(9/10)

Occasionally, publicity agents, publishers, or sometimes even authors, send me books with the request that I read and review what they send. That was not the case with this book.

A few months ago, I wrote about the cost of owning a home over 30 years based on information in the Wall Street Journal, and it generated a fairly intense discussion. The data presented show that ownership of your primary home is not a good investment. When people talk about their home appreciation as a function of current market price minus purchase price, they’re forgetting about the thousands of dollars in maintenance, repairs, and upgrades, which in any real investment would be added to the cost basis, reducing their real return.

The author of the article showed, from his own experience as well as extensive external data, that you could easily be $1 million into your home after 30 years.

I took some questions from Consumerism Commentary readers to the article’s author, David Crook, the editor of The Wall Street Journal Sunday. We exchanged emails and I presented a follow-up post outlining a realistic picture of the cost of home improvements. I added Crook’s latest book, Complete Real-Estate Investing Guidebook, to my Amazon wish list so I would remember to look for it while browsing a bookstore some day.

Not much later, a friend of mine (and occasional Consumerism Commentary commenter) who works at Dow Jones presented me with a copy of the book signed by the author. Thanks! Distracted by my move, I have finally finished the book.

David Crook’s Complete Real-Estate Investing Guidebook goes into the kind of detail “gurus” like Robert Kiyosaki make you believe you have to pay thousands of dollars at a seminar to receive. Don’t get me wrong, the book does include a requisite hook: “The 20 Things Every Real-Estate Investor Needs to Know,” but thankfully Crook doesn’t toy around with this concept. Instead there are specific, actionable ideas surrounded by examples and case studies throughout the 241 pages.

There are no get-rich-quick schemes here. Crook routinely warns the reader against promises of no-money-down investments and “something-for-nothing hucksters.” The author’s advice is meant to be taken by a novice investor over a period of time, perhaps up to 12 months or longer just to get started on the first property.

After Crook sets the premise that the house you live in is not an investment for the purpose of income, he goes on to explain how to find the money to get started, emphasizing the importance of leverage. The author presents detailed formulas for evaluating properties in order to find good values in real estate, suggesting that the best purchases would be at a 30% discount from the property’s market value.

A significant chapter is devoted to explaining in detail the tax benefits of real-estate investing. The government in this country starting with the Founding Fathers has always encouraged land development, and this continues to the current day. Here is Crook’s comparison:

A person making a $135,000 salary would probably end up paying $20,000 to $25,000 a year in federal income taxes, plus $7,000 more in Social Security and Medicare taxes. A stock investor earning $135,000 a year in dividends would pay $20,000 a year in taxes. The landlord’s tax bill [on $135,000 rental property income]? About $1,800.

In the next few chapters, David Crook writes about smaller residential investment properties, larger residential properties like apartment complexes, and commercial buildings. Each type of investment has its own benefits and drawbacks and an investor may be a good fit for one type while not the others. For example, Crook discusses the need for staff, including “supers” and rental managers, when it comes to investing in multifamily buildings.

The author explains the differences between six different forms of ownership (sole proprietorship, general and limited partnership, C and S corporations, and a limited liability company) and what investment situations call for which types.

I found it interesting that Crook gives the reader a “way out,” asking for the would-be investor to question whether he or she truly wants to be a landlord. He admits that the type of work necessary to be successful is not a piece of cake. Other gurus would be happy to let you believe that all you have to do is wish, and you can make money in real-estate investing.

The section on Real Estate Investment Trusts (REITs) is informative. These investments are presented as a way to use the stock market to invest in real estate, perhaps for those who can’t stomach being a landlord. He discusses recent REIT performance and explains what type of investments to look for based on recent performance and growth opportunities.

The final chapter includes the aforementioned 20 Rules, but rather than being built up throughout the book as a secret to be revealed, it is basically a summary of the most important points already discussed in detail.

Crook takes a page from Stanley and Danko’s The Millionaire Next Door in his description of real-estate millionaires.

The vast majority of rich people are distinguished by one overwhelming, dominating trait: They’re frugal. They drive old cars, live in modest houses and wear average clothes. They are rich, not because they are lucky or they have found some secret formula to wealth, but because they work hard, keep a long-term perspective and spend little.

Readers who get comfortable with David Crook’s Complete Real-Estate Investing Guidebook have a good chance of determining which type of real-estate investment (if any) is right for them and becoming successful after the appropriate time and effort.

I will be giving away one copy of Complete Real-Estate Investing Guidebook from Amazon.com, so stay tuned for an announcement of how you can be the lucky winner.

The original version of this article, Review: Complete Real-Estate Investing Guidebook by David Crook, is copyrighted by Consumerism Commentary.

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When I decided that I didn’t want to break my back moving my heavier furniture down one flight and up at least one more, I also decided that I wanted someone else to do that for me. I could have done more research when choosing a moving company, as I was hoping for a recommendation from a friend or co-worker. No one was able to quickly provide any information, so I did what most people do, I checked the Yellow Pages.

I felt I’d be more comfortable going with a national company with name recognition, and my eyes focused on the listing for Two Men and a Truck. I had seen their trucks around before, white with black lettering, and the simplicity of their concept and the student-on-the-cheap attitude invited me to do more research.

Thanks to Epinions, I was able to find out more about the company from past customers’ perspectives. There were, as I would have guessed, many favorable and many unfavorable reviews, with the positive outnumbering the negative. One thing I had to keep in mind is that each office of Two Men and a Truck is independently operated and therefore wildly different experiences would be expected from location to location. There were no reviews for my local office specifically.

I filled out a form online and quickly received a quote. The move would be $120 per hour, plus one hour drive time. They don’t charge by the pound, so there’s no risk of weight fraud. The hourly rate was a little high, but it’s comparable for the area. A move on a Saturday carried a minimum of 4 hours while a Sunday move required 6 hours. To schedule the move on a weekday, the minimum charge would be “only” for two hours. I decided that it would be worth it to work from home a half day and schedule the move on a weekday afternoon.

When I called for more details about the quote, their office manager exteaplained that their crewss were fully booked for the day I scheduled, but they would be able to pull a crew from the North Arlington office — farther away — without any additional travel charge.

On the day of the move — yesterday — I received a call about 30 minutes before their scheduled arrival time. The directions they received from the office were not very good and they were getting lost. I directed them properly and they arrived 15 minutes early. After explaining what I wanted to have moved and filling out the paperwork (liability waiver, etc.), the crew, two men named N. and K., went to work.

They did a decent job protecting my furniture, not that what I have is worth much. I was concerned that they didn’t wrap my mattress in plastic, but once it was lifted onto the truck, they did a good job of protecting it. To my surprise, rather than carrying the lighter items down the stairs outside my old apartment, one man passed items over the balcony to the other.

After the truck was fully loaded, I gave each guy a bottle of water and they followed me to the new apartment. When they arrived, they drove around to reposition the truck and began unloading. During the whole process, the crew was friendly and conversational. They saw my bicycle on the balcony and we talked a little about riding.

As they were finishing up I offered a couple of cans of soda. K. reassembled my dining room table, adding in the leaf, and I did the closing paperwork with N.

The entire process took a little less than the two hour minimum charge, so I’m very pleased with my decision to schedule the move on a weekday, “saving” at least $240. After they were finished, I offered them soda, provided them directions back to the Turnpike, and sent them on their way. The only problem I had was with my entertainment center. I noticed it was scratched up badly after they left. I could just repaint the black shelves, but I probably won’t. The center was passed down to me from a friend, and I’ll likely get rid of it when it’s time to buy a new television.

Here’s the full breakdown of the cost:

All in all, it was a good move, and I would recommend them to anyone else in the area who needs to move, keeping in mind that any branch of the office — or any crew — might provide an experience that is not quite as good.

The original version of this article, Experience Review: Two Men and a Truck (North Arlington, NJ), is copyrighted by Consumerism Commentary.

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Cash, Cars & College: A Young Person’s Guide to Money
Janine Bolon
(6/10)

When it comes to book reviews, I am usually contacted by the publishers, press agents, or public relations teams. When an author takes the time to email me directly, I pay more attention. I was contacted a few weeks ago by Janine Bolon, the author of Money…It’s Not Just for Rich People!, to review her latest book, Cash, Cars and College.

The book is more like an oversized pamphlet, at 91 pages (including appendices) with large print. The intended audience consists of students between the ages of 12 and 19, but I think the book is most effective for the young end of that range. There are only a few major concepts in the book, and they are explained well for the reader, even taking into account a wide variety of experiences and parental lessons a young teen may have.

Bolon explains that money doesn’t move in a straight line (in, then out), but rather in a cycle of living, saving, and giving. With this idea, money is more likely to come into your life when you give it away. To take full advantage of this cycle, Bolon instructs through some age-appropriate activities to split any income you receive (except for money from your mom for buying clothes, for example) into five buckets based on her 40/60 Principle.

* 40% goes to living. This, the “40%” in the 40/60 Principle, is the money you spend on yourself.
* 20% goes to short-term savings. The description in the book matches what I’ve written about in the form of an emergency fund: savings for unexpected expenses.
* 20% goes to long-term savings. While it’s not completely explained in these terms, this is your retirement fund. If I had known to save money for retirement when I was 12, I’d be much further along than I am now, having started when I was 26 or so.
* 10% goes to a philanthropy of your choice. From the book: “This cash demonstrates your willingness to share the good things that the Universe has given you — thereby showing that you can be trusted to continue receiving (and sharing) the good thingsof the world.”
* 10% goes to a spiritual institution of your choice. While again not explained in the terms we’re familiar with as adults, this is the typical tithing that is taught in the Bible. More importantly, this money is used for giving back to the community of which you’re a part. Bolon does suggest for those who have no religious affiliation to use this 10% for additional philanthropic donations to keep the cycle flowing.

The above points form the basis of the book. They are in fact “points,” as Bolon has created a five-pointed star to illustrate each destination for income. Around these five points, Bolon fills the book with good advice, perfect for a young teenager. For example, Bolon imparts the lesson: “Do what you like, the money will come.” This certainly encourages kids to improve their skills for whatever type of activity they are most interested in.

Bolon also explains the virtues of frugality, and for some kids, this will be the first they’ve heard of the concept. She also tackles credit card debt and compound interest in such a way that young adults will understand but not find boring. These concepts, as well as others, are reinforced with exercises at the end of each chapter, similar to — but yet much different than — exercises at the end of the school text books with which readers of this age will be quite familiar.

The goal of this book is to set these young adults on the path to financial maturity, and here’s her list for getting started on that path:

* Break the (piggy) bank. This refers to the money destinations listed above, based on the 40/60 Principle.
* Plow the ground. Open up two accounts at the bank with your money for short-term and long-term savings, and let compound interest go to work.
* Catch a porpoise. Bolon wants everyone to determine their passion in life — “porpoise” being a pun on the word “purpose” — which will guide them through their choices.
* Drive on. Continue learning about money by reading more books that will lead towards financial independence.
* Branch out. I addition to books, find other resources, such as magazines and, dare I say, websites.
* Stay engaged. Learn all kids of new things continuously, and never stop exercising your brain.
* Relax! Let the world do what it is supposed to do while you take care of your responsibilities, but it will take a long time. Be patient.

Janine Bolon’s Cash, Cars & College is a good introduction for kids getting an allowance or babysitting, with a small income coming in. Now that they have money to call their own, they can benefit from the author’s suggestions for spending, saving, and giving. Bolon handles the section on giving without preaching and without overly emphasizing religion, which I appreciate. All in all, Cash, Cars & College will set young adults on the right path towards financial maturity, if they follow the exercises and make her suggestions part of their permanent philosophy.

Why did I give only 6 stars out of 10? I think teenagers in the work force for the first time, say as a waitress or a fast food worker, might have some questions not covered by the book. For example, how do taxes fit into the 40/60 Principle? Are taxes paid from the 40% “living” category or does the entire pool of cash consider only after-tax income? A 12 year old may not be concerned with this question, but a 19 year old might be. Also, I don’t remember much discussion of cars and college in the book, though they are included in the title. Nevertheless, this short book is full of quality suggestions and exercises that can provide good talking points for parents with their children.

As always, I give away the books I receive for review. Look for a contest of some sort in the next few days. If you’re the parent of a teenager, pay close attention.

The original version of this article, Review: Cash, Cars & College by Janine Bolon, is copyrighted by Consumerism Commentary.

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Excuse Me, Your Job Is Waiting: Attract the Work You Want
Laura George
(7/10)

A few days ago, I finished reading Excuse Me, Your Job Is Waiting, by Laura George. This book follows in the footsteps of another, Excuse Me, Your Life Is Waiting. The premise of both books is the “law of attraction,” which is generally interpreted in popular culture as the idea that events are influenced by the attitude of those involved. Positive thinking helps encourage positive outcomes.

Of course, none of this is scientifically proven, at least not within this book. However, there are enough anecdotal testimonies to convince people the concept is “true.” In this convincing, positive outcomes can be attributed to positive thinking and negative outcomes can be negative thinking.

I’m convinced, for the most part. Whether positive thinking actually influences outcomes in a cause-effect relationship, I’m not entirely sure. Positive thinking certainly makes one feel better, and this attitude can be picked up by others involved in active communication, and can be perceived as a connection, making everyone feel better about the relationship. If you’re on a job interview, this is a good thing.

The book goes much farther with this idea.

Laura George focuses on the act of finding a job and the way positive thinking can increase your chances of being successful. Even the act of sending out résumés can deliver different results depending on the mindset the job searcher has.

Despite the airiness of the concept of the “law of attraction,” Laura’s writing is down to earth and connects to the casual reader, who is perhaps becoming increasingly frustrated in her or his job hunt. While this individual is the primary target audience, this book is good for anyone who is not happy and searching for a possible reason happiness continues to be elusive.

The author sees the problem money and the feelings money evokes have on your success.

If you only work for money — and you don’t have a healthy relationship with money — you are working for a negative feeling. Many people who only work for money don’t work long. They get easily bored with a job and move on to some other job. Sometimes they get fired. Sometimes they simply walk away from their jobs. People who work for money attract flawed jobs — jobs that they want to leave as soon as their coffers are filled. So if your energy about money is all over the place, it’s no wonder that a job hasn’t fallen into your world.

I take this to mean that if your attitude about money involves jealousy (of those who have or display more) or financial insatiability, you will always attract jobs that satisfy the wrong part of the mind. Later on, Laura admits that people work for money, and even the most positive thinker would be looking for another job if their paycheck disappeared. The author provides some important tips for dealing with financial issues of a job at the right time — when you’re searching for work, not after you’ve been on the job.

Excuse Me, Your Job is Waiting, in addition to the touchy-feely concepts, is stuffed with great, practical ideas for landing the job you really want. Laura George has extensive experience as a human resources manager and consultant, as well as just as much practice being on the other side of the HR desk as a job seeker.

As frequent readers of Consumerism Commentary might expect, I have three copies of this book to give away to lucky readers, one of which is the copy I read for this review. (The cover is slightly creased and some pages have corners bent as bookmarks.) I’ll announce the “contest” to win a copy some time in the next few days, so check back soon.

The original version of this article, Review: Excuse Me, Your Job is Waiting by Laura George, is copyrighted by Consumerism Commentary.

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Cameron Johnson features testimonials from T. Harv Eker and Donald Trump on the dust jacket for his new book, You Call the Shots. The book also includes a foreword by David Bach. However, this book outshines in many ways what I am used to seeing (over and over) from the typical financial gurus like Trump and Bach. Like the others, this book promises something unique: the 19 essential secrets of entrepreneurship. Unlike other books I’ve read, Cameron approaches the book through sharing personal stories about growing up, dealing with expectations, learning about the world of entrepreneurship, and building a wide variety of businesses.

I won’t summarize Cameron’s complete entrepreneurial résumé, but it’s interesting to see his development from an eight-year-old fan of Donald Trump, unafraid to put himself “out there” and get the attention of an individual who likely had better things to do than go out of his way to make a random kid happy, to a savvy business owner. Donald Trump was only one of Cameron’s inspirations, however.

Cameron’s family was in the Ford dealership business for several generations, and seeing his father run the business influenced the way the young entrepreneur thought about operations, customer service, networking and advertising. He started small, printing greeting cards from his family’s PC and branching out into sales of Beanie Babies. He jumped onto the Internet bandwagon early on and founded several web-based businesses which he later sold.

I thoroughly enjoyed the various stories within You Call the Shots. While the cover of the book promises 19 secrets of entrepreneurship, Cameron does not feed the reader overplayed generic ideas and abstract themes. Cameron related every thought to pieces of his experience despite the fact he’s barely 21 years old, and weaved the “secrets” through a narrative which for the most part followed his life chronologically.

Much of Cameron’s experience relates directly to online businesses, specifically his ability to grow the businesses through their initial stages and in many cases sell the assets for a significant (but always undisclosed) profit. Even though there are some exceptions, even the Internet-based activities provide lessons that can be useful when managing any kind of business.

This book should be required reading for any young adult showing an interest in entrepreneurship, but those with significantly more experience may find the stories within the book a bit quaint. These stories of Cameron’s specific and entertaining experiences allow this book to go above and beyond the call of duty.

Here are the 19 straightforward “essential secrets of entrepreneurship” presented in You Call the Shots. While I can share this overview with you, to truly understand Cameron’s point of view you must read his stories within the book.

• Put yourself out there
• Start small
• Make your money work for you
• Look close to home for great ideas
• Balance work with life
• Surround yourself with great people
• Make yourself your brand
• Don’t be afraid to negotiate
• Make your own tough decisions
• Adapt or die
• Find great mentors
• Seek out knowledge every day
• Use the power of the press
• Stick to your guns
• Get experience on the ground
• Never underestimate the value of your customers
• Creatively build on your experience
• Remember what it’s really all about
• Be the entrepreneur you want to be

As I’ve said above, the power of this book is in the extensive details surrounding Cameron’s experiences, whether he is working a lemonade stand putting his preteen peers out of business, managing sales for his father’s dealership, traveling to Japan to give speeches, or consulting. Cameron has his own blog, naturally, and he has agreed to be a guest blogger on Consumerism Commentary in the near future. His publisher also agreed, at my request, to provide several extra copies of You Call the Shots, which I highly recommend if you haven’t gathered that, to be given away.

The original version of this article, Review: You Call the Shots by Cameron Johnson, is copyrighted by Consumerism Commentary.

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The introduction of The Maui Millionaires by David Finkel and Diane Kennedy, CPA read like a sales pitch. This turned me off immediately. I felt like I was sitting in one of those free seminars with one of those energetic, motivational speakers, whose goal was nothing more than to sell me some abstract concepts and more future seminars. Seminars, like this book’s introduction, are all about the “up-sell.” If I were to give in, this would be quite expensive…

In this case, they authors want me to drop $30,000 on a retreat at which I can network with other businesspeople who follow the techniques mentioned in the book. I was happy to finish the completely unnecessary, self-congratulatory introduction and move on to the meat.

Like most wealth programs, this book starts out with a first step of changing mindset. I do agree that if you want extraordinary results from your life, you have to be able to conceive extraordinary ideas. The other part of changing mindset is reconditioning, in which ideas are repeated until they become part of a person’s inherent philosophy. The Maui Millionaires approach reconditioning as “upgrading your wealth operating system.” This is the first of several metaphors I enjoyed throughout the book, although I could do without the trademark symbol (™) which appeared after every Clever Phrase™.

The book contains mental exercises in every chapter, and the authors claim that the exercises must be completed in order to receive the full benefit of the text. There are frequent references to the book’s website, where the reader can complete the exercises online and access other “special offers.”

Here are the six steps to the “fourth dimension of wealth,” detailed in the book.

Step 1. Upgrade your wealth operating system. As I mentioned before, this is the step in which one begins thinking differently about wealth. It’s not a bad thing to have money. During this step, the prospective Maui Millionaire rids the brain of negative thoughts that stand in the way of success.

Step 2. Dream big. As we’re busy with life, trying to make a living, it’s easy to forget about the big dreams. The authors have seven categories of dreams: health, financial, relationship, self-development, adventure, spirituality, and sharing. The message is that your big dreams are attainable, if you follow the authors’ advice.

Step 3. Mastermind your way to millions. The Maui Millionaires is all about networking, especially at the $30,000 retreats. The authors suggest associating reguarly with a group of like-minded individuals who can function as mentors to and with each other.

Step 4. Build level three wealth and enjoy a Maui lifestyle. What does this mean? Well, Level Three Wealth is the state of being financially free and being able to pay for an extraordinary life through truly passive income. This is the promise that pulls people in.

Step 5. Tap into Maui giving to create a legacy. Giving and social responsibility is a big part of the authors’ philosophy, and I like that. A major reason Maui Millionaires desire to increase their personal wealth is to have more to give away. What I really like is the authors’ ability to speak about responsibility to give back to the community without evoking religion-based beliefs. Some examples they provide involve church, but divine declaration is not cited as a reason for sharing wealth with the world.

Step 6. Connect with the Maui wealth-building community. The last step is awarded the shortest section of the book, because it is nothing more than the instruction to pay $30,000 to register for the Maui Millionaire wealth retreat.

If you get past the “sell, sell, sell” attitude of the book, you will find some quality pieces of advice. I particularly like some of the ratios they describe to be used for evaluating your financial position. Beyond measuring just net worth and income, they authors introduce the trademarked R-Score, an individual’s net passive income divided by total net worth. For example, if you have a net worth of $500,000 and you generate $10,000 in passive income each year, your R-Score&treade; is 2%. They also stress the importance of trending; you want that R-Score™ to increase each year.

Obviously, this is just a measurement device, and not an actual suggestion for establishing passive income. The book is a little short on practical money-making techniques, relying heavily on mindset and networking. Examples from several self-professed Maui Millionaires are peppered throughout the book, and most of their wealth comes from real estate, as one would guess.

The Maui Millionaires claims to allow the reader to “discover the secrets behind the world’s most exclusive wealth retreat and become financially free.” The book likely covers the basics of the $30,000 retreat, but doesn’t capture the important part, the networking and mentoring. It is a huge advantage to be able to surround yourself with like-minded people when you’re involved in any endeavor. The price tag is a bit hefty in this case.

I’d like to see how many retreat attendees end up not becoming wealthy by their own description. $30,000 is a big investment for most people, and is a lot to spend on a dream without any real guarantees. It seems to me the money making scheme here isn’t what is in the book, but it is the book and seminar.

If you’re interested in seeing what’s inside the book for yourself, stay tuned. I’ll be giving away my copy in the next few days.

The original version of this article, Review: The Maui Millionaires by David Finkel and Diane Kennedy, is copyrighted by Consumerism Commentary.

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I recently finished reading The Smartest Investment Book You’ll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals [Amazon affiliate] by Daniel R. Solin. It’s a relatively short book with one simple point: For most people, investing in index funds is smarter than investing in actively managed mutual funds.

The chapters are short and it’s a quick read. Avid readers with a few hours could get through the book in one sitting; with my dedicated reading time of 20 minutes a day post-midnight, it took me a few days to finish.

The Smartest Investment Book outlines, in each of its chapters, the difference between Smart Investing and Hyperactive Investing. Smart Investors understand, through seemingly unlimited research, that over the long term, the market always wins the fight against Hyperative Investors (also known as traders, brokers, stock pickers, etc.). Therefore, index funds whose goal is to match market benchmarks while charging low fees offer investors the best opportunities for growing their money.

Solin also focuses on asset allocation. The distribution of funds between stocks, bonds, and cash, between growth and value, and between small, mid, and large cap is what determines the likely long-term return. The book ends with a comprehensive questionnaire to help determine any individual’s appropriate asset allocation. The questionnaire is also available online on the book’s website, but unfortunately requires an email address and phone number.

I completed the online questionnaire (with a fake phone number, obviously) and I was told my asset allocation should consist of 90% stocks, the highest amount recommended by the book. The author feels (and shows through examinations of historical data) that any more than 90% of investable assets in stocks adds too much risk with no return over a portfolio with 90% stocks.

Is this, as the title claims, the smartest investment book you’ll ever read? While the quality of past books I’ve read does not predict future selections, I can say it’s the smartest so far. However, I would have preferred more hard data. I enjoyed the book and would recommend it to anyone who is ready to invest but wary of salesspeak. I’d also recommend the book to people who have already sipped the Kool-Aid, although they might not be open to what Solin claims. While the author puts a great effort into presenting the data to sway investors to become Smart about their investments, I don’t think everyone will be convinced. That’s not necessarily a bad thing, especially for those who do believe what this book has put forth.

The author, Daniel Solin, is a principal of Academic Wealth Management, LLP, a registered investment advisor that offers low-cost 401(k) plans that follow the philosophies laid out in the book.

Later this week, I will give away my copy of the book, so check back here often for your chance to get something for free.

The original version of this article, Review: The Smartest Investment Book You’ll Ever Read by Daniel R. Solin, is copyrighted by Consumerism Commentary.

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The other day, I received a new book in the mail from a gracious publisher who is happy to trade a copy for the attention of a blog like Consumerism Commentary, be it favorable or unfavorable. Over the next few days I’ll be reading the self-referential The Smartest Investment Book You’ll Ever Read: The Simple, Stress-Free Way to Reach Your Investment Goals, by Daniel R. Solin. The book promises to “change the way you invest.” We shall see.

Once the review is posted, I will give the book away to one lucky blog reader, so keep your eyes peeled. If I can get through the book and post the review quickly, the lucky winner might have the book in hand before it is released on November 7, but it is unlikely.

The original version of this article, Upcoming Review: The Smartest Investment Book You’ll Ever Read, is copyrighted by Consumerism Commentary.

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