Archive for June, 2010

Say “bye-bye” to debit-card swipe fees? With Congress finalizing its financial-overhaul legislation this week, retailers are positioned to save billions on so-called interchange fees charged by banks.

“Every dollar we pay the credit-card companies is a dollar we can’t pass on to consumers or use to hire employees or build more stores,” argues Scott Mason, vice president of government affairs for home-improvement retailer Lowe’s. “Literally you are talking about hundreds of millions of dollars.

Banks for credit-card companies like Visa and MasterCard charge retailers roughly 1-to-2 percent on the entire transaction amount. While the legislation will impact small businesses like gas stations and restaurants, retail giants like Wal-Mart are slotted to save hundreds of millions annually if the overhaul bill becomes reality.

Click here for the lowdown.

More than ever, recent college graduates need sound advice to help them establish a sound financial footing in an economy where jobs are scarce and student loan bills are looming.

Most government loans offer a six-month grace period before graduates must begin making payments, but the loans cannot be wiped out even if bankruptcy is declared. As a result, facing the reality of what the monthly payments will be and finding a job, even if the work is less than ideal, should be a top priority.

When the bills come due, loan consolidation is an option for some graduates. Interest rates will reset in July, and they are expected to decrease. Comparably low interest rates may be one of of the only bright spots on the horizon for young people finishing school in the current economy.

Another option for graduates in a limited number of fields is loan forgiveness. Although these programs are on the decline in some states due to budgeting concerns, professionals in fields such as teaching, nursing, and engineering are sometimes eligible for loan forgiveness after working for a designated number of years.

Money tips for college grads? Here are a few suggestions:

Be a saver
Most experts in the financial arena suggest keeping at least three months of living expenses in the bank as back up.

Ditch the debt
The average college graduate is overwhelmed with more than $4,000 in credit card debt. Pay off the credit card with the highest interest rate first.

Get a credit card
Are you one of the few college grads without a credit card? Graduation may be the time to take the plunge. Make sure you pay off the balance each month to build your credit rating.

Get smart
It’s amazing how little college grads know about their finances. Get educated on money matters and pick up a book like “I Will Teach You to Be Rich” for the lowdown.

Click here for additional tips for college grads.

Paper or plastic? If California’s push to become the first state to ban single-use plastic bags becomes a reality, consumers may have to jump on the environmental bandwagon and ditch the old-school way of shopping for reusable polypropylene bags.

Fueled by a proposed bill AB1998 which charges shoppers throughout California a 5 cent surcharge for every bag used, Walmart launched its plastic bag initiative announcing their “commitment to reduce the plastic shopping bag waste at our stores around the world by an average of 33 percent per store by 2013.”

If passed, the AB1998 ban wouldn’t kick in until July 2011, but Walmart has been doing some test runs to see if its a viable option.

In October, Walmart stopped selling single-use plastic bags at two stores in Sacramento and a third shop in Ukiah. Instead of plastic, they hocked small, reusable poly bags for a mere 15 cents and larger bags for 50 cents. A few pundits didn’t like the switcheroo, lobbying an attact against the so-called “environmental extremists” for pushing these “lousy bags” to the masses.

However, the environmental benefits are staggering. According to an article here, each 15-cent poly tote could save up to 75 plastic bags.

A harbinger of things to come? Perhaps. San Francisco has already issued a ban the single-use bags.

Amelia Newfeld, a spokesperson at Walmart, says it’s too soon to tell if they’ll ban single-use bags altogether. “We have to monitor and gauge reaction at those stores,” she adds.

As summer kicks into high gear, many flock to the local cinema to chill out and catch the latest romantic comedy or action-packed sequel.

But is it affordable?

With the average adult ticket costing around $10, folks shell out major cash for a family night out. However, you can catch a flick on the big screen without the big price … and snag one of those mega tubs of popcorn while you’re at it.

Here are a few tips:

Be loyal
Join a loyalty club at a theater near you. This is an easy way to snag discounted tickets. For example, AMC Theaters’ AMC MovieWatcher Rewards offers free small popcorn each week. Loyalty clubs allow you to accumulate points from purchases made. Once you have enough points, you earn a free movie ticket.

Go at “off” times
Off hours are less expensive than peak hours. In San Francisco, Cinemark charges an extra 50 cents per ticket on Friday and Saturday night. Go during the day or right after work… then go out for dinner and drinks.

Buy in bulk
Is going to the movie theater becoming a weekly habit? Buy your tickets in bulk. At AMC theaters, you can buy your tickets in increments of 50. The price, between $6 and $7.50 a ticket.

Clip coupons
Always be on the hunt for coupons. You can find these in your local entertainment book. Special promotions happen too. Marriott is offering four free movie passes when you spend a weekend at a participating hotel or resort before Sept. 7.

Dig for discounts
Check with your local theater for the discounts they offer. There is usually a student discount, as well as a senior discount. Don’t forget to bring your student ID card!