Hilton HHonors members: Check out this new Amex
I’m always on the alert for great new rewards cards, and there’s one that might be a great fit if you spend time at Hilton-chain hotels.
The Hilton HHonors Surpass Card, just launched from American Express, offers all the bennies of the existing Hilton HHonors card, plus a few, including:
- 9 points (triple bonus points) for every eligible $1 spent at Hilton Family hotels, 6 points for every $1 spent at supermarkets, drug stores or gas stations and on phone, TV and Internet service, plus 3 points for every $1 spent elsewhere
- complimentary standard membership in Priority Pass™, which gives you access to more than 500 airport lounges worldwide
- automatic Diamond VIP status with an annual spend of $40,000 (Diamond status gives you automatic upgrades, access to executive floor lounges, free breakfast in some locations and a 50% bonus on all HHonors Base points earned
Savvy travelers have long since figured out that hotel cards often offer a better deal than airline cards. It’s typically easier to earn and use points; plus you often get more bang for your buck, since your hotel bill can often dwarf your airfare.
You have to travel enough to justify the $75 fee (although a couple stays in an airport lounge would do that). If you’re not a big traveler, Curtis Arnold at CardRatings.com points out that Schwab and Fidelity have both launched premium cards with an excellent 2% redemption rate (payable into your investment accounts there). Thanks, Curtis!
Beware: ID theft on the rise
Some good news and bad news about identity theft. 
First the bad: In 2008, the number of identity theft victims surged 22 percent to 9.9 million over the previous year, says a study released this week by Javelin Strategy & Research. That reverses a previous trend in which identity theft had been gradually declining.
But the good news is that the cost to consumers fell 31 percent to $496. Victims and companies are able to detect the fraud more quickly and are limiting how much is stolen, Javelin says.
It comes as no shocker that the report lists the failing economy as a primary reason for the spike in identity theft. (“Overall criminal activity tends to increase when there is a recession,” Javelin says.)
But what might surprise some is that despite all of the news about hacking attacks and phishing, low-tech methods are still favored among thieves. Lost or stolen wallets represented 43% of all incidents, the report said. That compares with 19% of thefts that occurred during a transaction; 13% of thefts committed by friends, family or employees; 11% online theft; 11% data breach; 3% stolen paper mail.
Other findings:
- Women were 26% more likely to be victims of fraud than men in 2008
- 71% of the fraud started occurring less than a week from when the data was first stolen, up from 33% in 2005
- The total annual fraud amount for 2008 is up 7% from last year to $48 billion. That is substantially lower when compared to the 2004 level of $60 billion
Hear me discuss tips for stopping identity theft cold by CLICKING HERE.
Also, check out my other advice on ID theft:
Get your Experian FICO–while you can
For Valentine’s Day, Experian is giving consumers a big, fat raspberry.
As of Feb. 14, consumers will no longer be able to buy their Experian FICO score, although Experian will continue to sell the score to lenders.
Experian has pulled out of its agreement with MyFico.com, the one site where consumers can buy their FICO scores for all three bureaus. MyFico.com was launched by Fair Isaac Corp., which created the leading FICO scoring formula.
So if you’re in the market for a mortgage, you’ll no longer know what rate you can expect. Mortgage lenders typically use the middle of your three scores, but you won’t know which one that is since you won’t have access to your Experian score.weston_sketch
As John Ulzheimer of Credit.com told the New York Times, “This isn’t hurting Experian at all, it hurts Fair Isaac a little bit, and it hurts consumers a ton.â€
More people will drive without insurance
Expect more uninsured motorists on the road as the ranks of the unemployed swell and family budgets are strained. The Insurance Research Council forecasts that by next year the percentage of uninsured drivers in the nation will rise from 13.8% in 2007 to 16.1% in 2010.
That would be the highest percentage for the U.S. in two decades, says IRC Vice President David Corum.
The IRC estimates that for every 1% increase in unemployment, the percentage of uninsured drivers increases three-quarters of a percentage point.
Which states have the highest percentage of uninsured drivers on the roads? Based on 2007 data, the IRC found that New Mexico was the highest at 29%. Next was Mississippi at 28%. California ranked No. 7 at 18%. Massachusetts had the lowest percentage at 1%.
If you’re struggling financially, dropping your auto insurance might seem like a good move, but it’s not. A single accident could wipe you out financially. Plus, you risk having your vehicle impounded, your license suspended and steep fines.
Corum says there are several things consumers can do to lower their insurance costs — some with almost immediate effects:
- Raise your deductibles
- Eliminate coverages you don’t really need, such as comprehensive coverage for an older vehicle of little value
- Get rid of vehicles that aren’t being used
- Shop around for the best rates
And here are some of my columns for more insurance tips:
What is a depression?
The head of the International Monetary Fund says the U.S., Western Europe and Japan are already in one, yet there’s no standard definition of what comprises a depression.
My MSN colleague Jon Markman says it’s two back-to-back recessions, which would technically make the recessions of the early 1980s a depression.
Others believe it’s when the economy contracts for a more extended period, with five years being a commonly-cited length of time—which means the economic decline Japan experienced in the 1990s counts as a depression.
In the U.S., however, whenever we hear “depression,†we think “Great Depression,†the contraction that started after the 1929 crash and lasted until World War II.
At this point, it’s stretching credibility to imagine we could return to those days of 25% unemployment and one third of the nation “ill-housed, ill-clad and ill-nourished,†in FDR’s famous assessment. Especially in its early years, the Great Depression was a terrifying period of widespread want and uncertainty.
As I’ve said before, many of the safety nets that will prevent such widespread poverty were put into place during the Great Depression, including:
- Unemployment benefits
- FDIC insurance
- Social Security
- Food stamps
But millions of people are already experiencing a sharp drop into their standard of living as layoffs and foreclosures mount. So even if we don’t face the next Great Depression as a nation, many people are already experiencing a depression their personal finances.
Which is why it’s so important to get a handle on your finances now if you’re among the vast majority that still have homes and jobs. Build up that emergency fund, pay off that toxic debt, and protect your credit score. But don’t give in to panic and despair, because those who do are likely to miss some amazing opportunities.
