In this episode of the Consumerism Commentary Podcast Tom Dziubek speaks with Jeff Rose, Certified Financial Planner™ about financial planning. Jeff talks about different professional designations for financial planners and what it takes to become certified. He shares with Consumerism Commentary Podcast listeners some of the trends he sees with his clients, advice that could benefit everyone.
Tom also interviews Jeff Bartlett, online editor for autos at Consumer Reports, about how the magazine tests and evaluates cars. Jeff also shares suggestions for shoppers who are currently in the market for a safe, reliable car, either new or used, and offers tips for negotiating with car salespeople.
To listen, use the player above (Adobe Flash required), download the podcast here, subscribe to the podcast RSS feed, or use the iTunes link. Note: open links in a new window (Ctrl-click or Command-click) to avoid interrupting the podcast.
[00:00] Introduction from Flexo and an announcement about Money Quantum
[00:58] Interview with Jeff Rose, Certified Financial Planner
– [01:12] Difference between Financial Planners and Financial Advisers
– [01:57] The CFP and other designations
– [04:50] Jeff’s website, Good Financial Cents
– [06:36] Changes in saving habits since the beginning of the recession
– [08:10] Tom asks Jeff for free 401(k) advice
[13:02] Interview with Jeff Bartlett, Autos Deputy Editor for Consumer Reports
– [13:15] Auto testing methodology at Consumer Reports
– [15:05] How Consumer Reports handles reliability reports from customers
– [17:02] Consumer Reports’ perceived bias towards foreign cars
– [19:20] Qualifications for the Cash for Clunkers program
– [21:17] Possibility of Cash for Clunkers hurting domestic car sales
– [22:12] American cars that have made the best strides in fuel efficiency
– [22:46] Best buys for new cars
– [23:58] Negotiating with car salesmen
– [26:37] Best choices for used cars
[28:58] End
We always welcome feedback from listeners. If you have any comments for this episode or for any other, or if you have suggestions for future episodes, please leave us comments here or email us at podcast at this domain name.
The Cool Surge portable air conditioner claims, in full-page newspaper advertisements that look like newspaper articles, to reduce the temperature of an average room by “up to ten degrees” using as much energy as a 60-watt lightbulb. Other air conditioners often use 500 watts or more, so it sounds like this device might be worth the cost that is double the price of a small window air conditioner.
Consumer Reports had difficult dealing with the company that sells the units. The organization’s testers had no problem ordering the units from the website for about $300 each, but when they attempted work with a customer service representative over the phone to order a unit, they ran into some problems.
But when we later called the Web site’s order line anonymously, we were told we’d have to pay $49 per unit for shipping, or nearly $100 if we had opted for the company’s two-for-one offer. Another call using a different number listed in a Cool Surge newspaper ad yielded yet another price of $148 per unit — plus $49 shipping — for versions with “slight cosmetic damages.” The two-for-one offer had apparently ended.
Furthermore, the testing revealed the air conditioner did not quite perform as expected. When Consumer Reports tested these claims listed above, they found that the Cool Surge cooled an average room, even in an environment most suited for success, by only two degrees.
Here is the video from Consumer Reports. [click to continue…]
CNN Money is taking a hard stance against credit card reward programs. Citing a study released yesterday by Consumer Reports, which I have not yet seen online, rewards cards entice customers to spend more than with regular credit cards. Additionally, the restrictions common with many cards make the rewards less valuable than they appear.
The article mentions the fact that reward credit cards often have higher interest rates. Interest rates should not be a consideration. If you carry a balance on your credit card from month to month, it is very unlikely that any rewards program will be beneficial. You’ll pay your rewards right back to the credit card company in the form of interest payments, or worse, in the form of late fees.
My cash back benefits seem to be decreasing despite my continued use. On my American Express Blue Cash for Business card, I’m only earning 0.5% because I haven’t reached a certain threshold of spending. My Citi Dividend World Mastercard is faring better, though I don’t have a good idea if I am earning all the cash back I am supposed to be earning according to the card’s terms.
Are you satisfied with your credit card reward program?
Credit card rewards are a real rip off [CNN Money]
Consumer Reports surveyed customers in an effort to find the best credit card companies when it comes to incidences of interest rate problems, incidences of bill-timing problems, and effectiveness of problem resolution. If you’ve paid for a subscription to Consumer Reports, you can view the results here.
At the very top of the list is USAA Federal Savings with a score of 95 out of 100. The first major credit card issuer on the list, American Express, scored an 84, and was followed closely by Discover.
Other notable scores include Citibank with 75, HSBC with 73, and Capital One with 71.
The only card I’ve ever had trouble with was a Best Buy card, which was actually operated by Household Retail Banking Services (aka. Household Bank, aka. HSBC). I had purchased a notebook computer many years ago with a 0% for 12 months offer to allow me to do some web work alongside by non-profit day job. I didn’t receive statements, and some of my payments were sent in late. I argued the point with customer service and was able to reverse the company’s decision to charge me back interest.
Many years later, I had some problems playing with 0% APR arbitrage using Discover and MBNA and didn’t attempt such schemes since. MBNA scored a 72 on Consumer Reports’ survey, just above Capital One.
Email this article
Print this article
