This post continues our series describing features of the best credit card offers in specific categories. So far we’ve taken a look at PenFed credit cards, Chase credit cards, Citibank credit cards, and Top 8 Balance Transfers. Today we’re happy to bring you information about the best low interest credit cards. A great low interest credit card is a wise choice for almost anyone.

Chase Freedom® Visa $100 Bonus Cashback

Chase Freedom® Visa $100 Bonus Cashback is a cash back credit card that offers a low introductory interest rate as well as a low ongoing interest rate.

APR on both purchases and balance transfers for Chase Freedom® Visa $100 Bonus Cashback is 11.99-22.99% variable rate*. This depends greatly on your credit history. Borrowers with excellent credit will be able to take advantage of the 11.99% APR. The APR for cash advances and overdraft advances is 19.24% – 23.24%. There is a short-term penalty APR of 29.99% for people who fail to make on-time payments for an extended period of time.

Chase Freedom® Visa $100 Bonus Cashback is a cash back credit card which offers 5% cash back in rotating bonus categories such as gas, groceries, airlines, and many more categories, subject to quarterly enrollment and maximum. These categories rotate every 3 months. Purchases not in the 5% rotating category earn unlimited 1% cash back on all other purchases with no spending tiers. Chase Freedom® Visa $100 Bonus Cashback also offers Chase Blueprint, a program that allows you to choose different repayment methods on individual purchases or on your total balance.

There is no annual fee for Chase Freedom® Visa $100 Bonus Cashback. There is a 3% fee for cash advances and balance transfers, a late fee of up to $35 depending on your account balance, and up to $35 fee for going over the credit limit or having your check returned.

PenFed Visa Promise

The PenFed Promise Card was recently highlighted by the New York Times Bucks Blog as “a decent product for those in debt.” This is due in no small part to the fact that it offers a terrific low interest rate. This card features an introductory interest rate of 7.49% which lasts for the extended period of 36 months. When the introductory rate eventually comes to an end, the interest rate on the card increases to Prime plus 6.74%. At current market rates that would mean an ongoing interest rate at the very low rate of 9.99%. Even cash advances are available at a relatively low 17.99% APR.

Another reason that the PenFed Promise Card is cited as being a terrific card for people with debt problems is because it is a no fee card. In addition to no annual fee, there are no fees for balance transfers, cash advances, or going over the limit on the card. There aren’t even fees for late payments! The one fee that you may have to pay is a membership fee to make you eligible for this credit card. PenFed cards are free for members of the US Armed Forces; other applicants may be required to pay a $20 one-time membership fee.

There are no rewards for this card. However, with the lack of fees and the ongoing low interest rate, the Pen Fed Visa Promise can be a terrific option for people who have had credit card and debt problems in the past.

Discover More

Discover More is a cash back rewards card that offers a great introductory interest rate on both balance transfers and purchases. There is a 0% APR for 15 months on all purchases and a 0% APR for 15 months on balance transfers. After the introductory period comes to an end, Discover More offers a ongoing APR of 10.99% -20.99% depending upon your credit history. The APR for all cash advances is 23.99%.

Discover More is a good choice because it also comes with a terrific cash back rewards program. You receive 5% cash back on certain spending categories and up to 1% cash back on all other spending categories. Limitations apply. Additionally, you can receive  up to 20% Cashback Bonus at popular retailers when you shop online through Discover.

There is no annual fee for Discover More. There is a 3% balance transfer fee, and a 5% cash advance fee and a late fee up to $35 depending upon your account balance.

Citi Platinum Select Mastercard

Citi Platinum Select MasterCard is a low rate credit card that offers the longest 0% introductory rate of any card that we know about. It offers 0% intro APR for 18 months on balance transfers and 18 months on purchases. Post-introductory APR is 11.99-21.99% variable rate*. APR for cash advances is 25.24%.

There is no true rewards program offered on this card. However, Citi Platinum Select MasterCard offers the Citi Extra Cash program. Through it, you can earn points that add up to be used as discounts on specific types of purchases. This is a nice bonus on a card that is known best for being a great low interest credit card.

There is no annual fee for Citi Platinum Select MasterCard. There is a very low 3% balance transfer fee and 5% cash advance fee, up to $35 late payment fee depending on your account balance.

Discover More – 18 Month Promotional Balance Transfer

Discover More – 18 Month Promotional Balance Transfer is similar in many ways to the original Discover More card. It offers a 0% APR on balance transfers for 18 months and 0% APR on purchases for 6 months. The ongoing rate after that is respectable at 10.99%-20.99% with the rate depending on your credit history. Cash advance APR is 23.99%.

Discover More – 18 Month Promotional Balance Transfer has no annual fee. There is a 3% balance transfer fee and 5% cash advance fee. Late payment fees up to $35 depending on account balance.

PenFed Premium Travel Rewards American Express

CardRatings.com mentioned The PenFed Travel Rewards American Express card was one of 2009’s best credit cards.This is due to the combination of a low interest rate and a good rewards program. The introductory APR on balance transfers for this card is a low 1.99% for a full 24 months. Post-introductory balance transfer rates will be 9.99% and will vary with current market rate based on the Prime Rate. And all purchase rates and cash advance rates are very low at an introductory rate of only 9.99%. After the introductory period for purchases and cash advances, your APR will vary with the market based on the Prime Rate. This is one of the lowest cash advance APR offers in the market.

PenFed Premium Travel Rewards American Express is a travel rewards card. With it, you get 5 points per dollar spent on airfare, and 1 point per dollar spent on anything else. Reward points can be redeemed for travel on any airline with no blackouts or other restrictions.

The PenFed Premium Travel Rewards American Express card does not have an annual fee. This gives you a chance to see if the card is right for you at no cost. Like with the PenFed Visa Promise card, you may need to pay a $20 one-time membership fee if you don’t qualify for free membership. There is a small 3% balance transfer fee and no fee for cash advances. Note: PenFed’s Website lists a promotional balance transfer fee of 1% (Min. $10 – Max. $250). Their website also states that the fee for balance transfers made after March 31, 2012 will return to 3% (Min. $10 – Max. $250) per transaction. However their terms and conditions page, as of this writing, does not note the introductory balance transfer fee so confirm balance transfer fee with PenFed when you apply. Late payment fees range up to $25 depending on your outstanding balance, and returned check fees are up to $25. Notably there is no over-limit fee on this card.

PenFed Visa Platinum Cash Rewards& Card

The PenFed Visa Platinum Cash Back Card provides a great general credit card with a low interest rate. There is an introductory balance transfer rate of only 1.99% which lasts a full 24 months. After that the ongoing rate is a low 9.99% and will vary with the market based on the Prime Rate. The introductory APR for purchases and cash advances is only 9.99%. This is one of the lowest rates available for cash advances. After the introductory period the rate will vary with the market based on the Prime Rate.

The PenFed Visa Cash Back Rewards card is a favorite general cash back credit card with bonus cash back on gas purchases. This card features 5% cash back on gas purchases paid for at the pump, fuel purchases for airplanes and boats receive 0.25% cash back. Certain restrictions may apply. And 0.25% cash back on all other purchases.

There is no annual fee for PenFed Visa Platinum Cash Reward Card. As with the other cards from PenFed, you need to either qualify for free membership or pay a one-time $20 membership fee to join the credit union issuing the card. There is a very low 3% balance transfer fee on this card. Note: PenFed’s Website lists a promotional balance transfer fee of 1% (Min. $10 – Max. $250). Their website also states that the fee for balance transfers made after March 31, 2012 will return to 3% (Min. $10 – Max. $250) per transaction. However their terms and conditions page, as of this writing, does not note the introductory balance transfer fee so confirm balance transfer fee with PenFed when you apply. There is no cash advance fee or over-limit fee. Late fees range up to $25 depending on account balance. Returned check fees are up to $25.

Iberiabank Visa Classic

The Iberiabank Visa Classic is a great low interest card which offers good introductory rates as well as ongoing rates. The introductory rate for balance transfers is a very low 1.99% for 6 billing cycles. The ongoing rate for balance transfers is the same as the purchase APR which is a very low rate of 7.25%, 10.25%, or 13.25% depending on your credit score. APR for cash advances is also low at just 12.75%, 16.25%, or 19.25% depending on your credit score.

There is no rewards program with this credit card. Your reward is a low ongoing interest rate. To qualify for this card you need to have excellent credit. You also need to be able to show not only proof of income but proof that you have been with your current employer for at least 6 months.

There is no annual fee for Iberiabank Visa Classic. The fee for balance transfers is a low 2%. Cash advance fees are 5%. Late fees up to $35 depending on outstanding balance and returned check fees are up to $35.

Iberiabank Visa Select

The Iberiabank Visa Select requires even better credit than the Iberiabank Visa Classic credit card. However, your reward is a low ongoing interest rate of only 7.5%, 9.50% or 11.50% on both balance transfers and purchases. This interest rate is variable as with all credit cards. In addition, there is an introductory purchase rate of 0.0% or 7.5% for the first year of having the card. In addition there is a 1.99% or 7.50% introductory balance transfer APR based on creditworthiness, for twelve billing periods from the date of the balance transfer check.*This deal applies to balance transfers made within the first three months of having the card. APR for cash advances is a low 12.75%, 14.75% or 16.75%; this is one of the lowest ongoing cash advance APR in the market.

There is an annual fee on this credit card of $35. The fee for balance transfers is low 3%. Cash advance fee is a standard 5%. Late fees up to $35 depending upon account balance. There is a $35 fee for returned checks.

Simmons Bank Platinum Visa

The Simmons Bank Platinum Visa card requires that you have excellent credit to obtain it. Like with the Iberiabank cards, though, your reward is ongoing great low interest rates. The rate for both balance transfers and purchases on this card is a low 7.25%. Excluding introductory offers, this is one of the lowest interest rates in the industry. The cash advance rate on this credit card is also low at only 11.25%. In fact, this is the lowest ongoing cash advance APR that we’ve seen in the current market.

This card doesn’t have a rewards program. However, you do get many different perks when choosing this card. Those perks include travel accident insurance coverage up to $1,000,000, car rental LDW and emergency cash and credit replacement for stolen cards.

There is no annual fee for the Simmons Bank Platinum Visa credit card. There is no balance transfer fee on this card and the cash advance fee is a low 3% of the amount of each cash advance, but not less than $4 nor more than $50. The late payment fee on this card is an amount equal to past due payment or $25, whichever is less.

Simmons First Visa Platinum Travel Rewards

The Simmons First Visa Platinum Travel Rewards card offers some of the same benefits as the Simmons Bank Platinum Visa card but it also has a rewards program. The APR for this card is slightly higher but still very low at just 9.25% for both purchases and balance transfers. Cash advance APR is also low at 13.25%.

The Simmons First Visa Platinum Travel Rewards card offers you great travel rewards. You get one point per net dollar spent. Points can be used for air travel with no seating restrictions or blackout dates. Points can also be used for other travel-related purchases such as hotels, cruises, vacation packages, car rental, and restaurants. In addition to the travel rewards, you get the same card perks (such as travel insurance) that are offered on the Simmons Bank Platinum Visa.

There is no annual fee for this credit card. There is no balance transfer fee. Cash advance fees are a very low 3% of the amount of each cash advance, but not less than $4 nor more than $50. Late fees are an amount equal to past due payment or $25, whichever is less.

Note: Offers change frequently; please be sure to check the offer website to ensure all details and information are correct.

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Each Saturday we bring you information about current credit card offers from major banks. This series is designed to assist you in comparing and choosing credit cards with the best features. In previous installments of the series, we’ve taken a look at PenFed credit cards, Chase credit cards, and Citibank Credit Cards. Today we’re happy to bring you information about Balance Transfer Credit Cards.

Discover More

Discover More is a cash back bonus rewards card that offers a great deal for balance transfers. It has a 0% Intro APR for 15 months on balance transfers. Once the 15 months is up, you will be offered a low ongoing rate is 11.99-20.99% depending upon your credit score. Purchases on this credit card are available at 0% Intro APR for 12 months with the same ongoing low rate 11.99-20.99%.

A major benefit of this card is that it comes with a good cash back rewards program. You receive 5% cash back on certain spending categories and up to 1% cash back on all other categories. Plus you can get 5%-20% in cash back when you use Discover More to shop online through Discover’s online shopping mall.

There is no annual fee for Discover More. The card comes with complete fraud protection that gives you early warning fraud alerts and a $0 Fraud Liability guarantee. There is a 3% balance transfer fee with a minimum of $10 and no maximum.

Citi Platinum Select MasterCard

Citi Platinum Select MasterCard is a low rate credit card that offers a lengthy introductory period. It offers 0% intro APR on balance transfers for 18 months and purchases for 18 months. This is the longest introductory rate that we’re aware of in the market. Starting APR after that is 11.99-20.99% variable rate*. Rates do vary based on your credit history.

There is a low 3% balance transfer fee on this card with a minimum of $5. The low balance transfer fee along with the long introductory rate on the card makes this one of the best credit cards for balance transfers.

There is no true rewards program offered on this card. However, Citi Platinum Select MasterCard offers the Citi Extra Cash program. Through it, you can earn points that add up to be used as discounts on specific types of purchases.

There is no annual fee for Citi Platinum Select MasterCard.

Slate from Chase

Slate from Chase is low rate credit card with a great balance transfer option. It offers a 0% Intro APR for 15 months on balance transfers as well as on purchases. The ongoing APR is  11.99-21.99%.

Chase’s Slate card unfortunately does not offer a rewards program. However, it does come with Chase Blueprint, an award-winning credit card program that allows you to create different repayment plans for each balance transfer or purchase that you make.

There is a 0% balance transfer fee on Chase Slate. There is no annual fee for this card.

Discover More $50 Cashback Bonus

Discover More $50 Cash Back is similar to the original Discover More card. It, too, offers a 0% APR on balance transfers for 12 months. The ongoing rate after that is slightly higher but still respectable at 11.99-20.99% variable rate*.

The Rewards program is also the same as it is with the Discover More card. However, there is also a bonus reward. If you spend $250 on purchases in the first 3 months of owning the card then you get an additional $50 cash back.

There is a balance transfer fee of 3% on Discover More $50 Cash Back. This fee is a minimum of $10 with no maximum. The card has no annual fee.

Note: Offers change frequently; please be sure to check the offer website to ensure all details and information are correct.

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» Discover More Balance Transfer: No Fees, 0% APR for 12 Months
» Why Avoid the 0% Balance Transfer Game?
» Are You a 0% Credit Card Daredevil?

As you skim through the list (reproduced below), you’ll notice that it’s quite similar to last year’s version. There are, however, some differences. Here’s a quick rundown of their most notable findings:

• E*Trade retained the top spot, excelling in all categories across the board.
• TradeKing slipped one spot for third to fourth, though they still shines in terms of trading tools and customer service, and their commissions are still significantly far lower than their nearest competition.
• Zecco is still hanging on near the bottom of the list. They have barebones offerings, but also offer free trades if you meet their balance requirements.
• ShareBuilder climbed a few spots from the bottom of the list, primarily because they added 300 new mutual funds to their offerings.

The best brokers of 2009

Here’s a full rundown of SmartMoney’s list:

1. E*Trade
2. Fidelity
3. Charles Schwab
4. TradeKing
5. TD Ameritrade
6. Muriel Siebert
7. Scottrade
8. Firstrade
9. OptionsXpress
10. Banc of America
11. Just2Trade
12. WellsTrade
13. ShareBuilder
14. Wall Street*E
15. Zecco Trading
16. SogoTrade

Interestingly, none of Consumer Reports’ best broker picks made it onto SmartMoney’s list.

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If you’re in a rush, and just want the executive summary, here it is:

Ally Bank is a great online savings option. They’re FDIC insured, they offer a wide variety of products, they don’t have any minimum deposits or balance requirements, and they don’t have any account maintenance fees.

If you’d like more info, read on…

A short history of GMAC/Ally Bank

The GMAC brand actually goes back to 1919 when GMAC Financial Services was established as a wholly-owned subsidiary of General Motors to provide financing for automotive purchases following WWI. GMAC eventually branched out into retail banking, offering savings account, certificates of deposit, money market accounts, etc. under the GMAC Bank brand.

In 2006, GM sold a majority stake in GMAC to private investors, thereby providing a bit of distance between the now-bankrupt automaker and the financial services company. Nonetheless, the name stayed, and consumers no doubt wondered about the stability of the bank given its apparent connection to GM. Hence, the name change — Ally Bank.

Having logged in and poked around, it appears that little else has actually changed — and that’s a good thing. Their rates are still highly competitive, and the web interface is as convenient and functional as ever.

Ally Bank products and rates

We were first attracted to Ally Bank last fall by their high CD rates. At the time, we were looking to set up a five year CD ladder, and we also wanted to keep things fairly simple. We were thus pleased to see that Ally offered the highest rates across all maturities.

One particularly interesting product is what they refer to as their “no penalty CD.” This CD allows you to lock in a great rate (though not quite as high as with a traditional CD) while still retaining the flexibility to break the CD without penalties. Thus, if an emergency arises, or if rates simply raise, you’re covered.

Note that they also have a highly competitive online savings rate, as well as a slightly lower (but still high) money market account rate just in case you want a check card and check-writing ability.

Customer service

When it comes to online savings accounts, I look at one thing above all others — the interest rate. Nonetheless, it’s still nice to be able to reach out and touch an actual human being if/when trouble arises.

The good news here is that Ally not only publishes a customer service phone number in the top right corner of the page, but they also disclose the expected wait time right next to the number (see below).

I just tested the system at 9:10 AM Eastern on a Monday morning and, sure enough, they picked up less than 10 seconds after I indicated that I wanted to speak to a CSR.

Closing thoughts

If you’re looking for an excellent online bank with highly competitive rates, you should seriously consider Ally Bank. We’ve been very happy with them over the past eight months or so, and have actually been thinking about opening another account with them to hold cash for a trust that my wife and I manage.

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What is Lending Club?

Lending Club is a social lending network that helps match people who need to borrow money with those that have money to lend. Borrowers with good credit can get loans at better rates than are available from “conventional” funding sources, and lenders enjoy rates that have averaged 9.05% annually over the past 18 months. This beats the heck out of any so-called “high yield” savings account. Keep in mind, however, that your investments are not FDIC insured, so you have to be comfortable with some level of risk.

Borrower requirements

While there are two sides to all peer-to-peer lending transactions, I’m writing from the perspective of a lender, because that’s how I’ve been using Lending Club. Nonetheless, I think it’s worth talking about the requirements for borrowers, as it’s important for prospective lenders to know what they’re getting into.

Borrowers must have a credit score of at least 660 based on a credit history spanning at least one year and with at least three accounts listed, two of which must still be open. They can’t have any current delinquencies, recent bankruptcies (past seven years), open tax liens, charge-offs, or collections within the past twelve months. If you’re curious how you stack up, you can take a free peek at your credit score using either FreeCreditReport.com or MyFICO.

Beyond the above, borrowers must have debt-to-income a ratio (excluding their mortgage) has to be less than 25% and their credit utilization has to be less than 100%. In other words, they have to fit the profile of a reasonably responsible borrower. Loans are unsecured, and range in size from $1,000-$25,000 with a three year term.

Lending details

Lenders invest in “notes” that represent small portions of an individual loan. The minimum investment is $25 per note, so you can really spread your risk around if you wish. You can either select loans yourself or rely on LendingMatch, which creates a portfolio for you based on your desired investment amount(s), interest rates, and risk profile.

Each month, as the payments are received from borrowers, Lending Club deposits the principal and interest back into your account (after deducting a small fee). You can either withdraw these funds or reinvest them in additional notes. While the loans themselves are not insured, your uninvested cash balance is covered by FDIC insurance.

Note that there are some state residency and income requirements for investors. As of right now, individuals in 25 states can invest in notes, though Lending Club has applied for approval in all remaining states, and is adding them in on an ongoing basis. As for the income requirements, I’ve heard through the grapevine that these aren’t really enforced, so you shouldn’t run into any problems.

If you don’t live in an approved state, you can still open an account and buy/sell notes on the secondary market using the Lending Club note trading platform.

Opening an account

Opening a Lending Club account is a very easy, three-step process.

Step 1: Set up your login credentials.

Simply visit Lending Club, enter your e-mail address and desired username, and click the “signup” button. From there, you’ll set up your password, security question, etc.

Step 2: Enter your name and contact information.

On the next page, you’ll enter your name, social security number, birthday, address, and other contact information.

Step 3: Enter your bank account information (optional).

This step is only necessary if you want to be able to transfer funds directly between you bank and Lending Club. I want to be able to do this, so I went through the process.

After that, keep an eye on your bank account. Lending Club will initiate a small debit (less than $1). Once you verify this amount, your bank account will be linked up and ready for transfers.

That’s it. Like I said, very easy. If you’re curious about investing through Lending Club, keep an eye out. I’ll be publishing a followup detailing the loan selection and funding process sometime soon. In the meantime…

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USAA Brokerage

USAA has received high marks in the past for other financial offerings, including their online banking service and insurance offerings. It therefore comes as no surprise that their online brokerage service ranked so high. Commissions start at $11.95/trade, but come down from there depending on trade volume. Unfortunately, USAA is only available to current and former military personnel and their families. Update: I just received an e-mail from USAA clarifying that certain financial products, including their brokerage, are available to the general public.

Vanguard

CR’s second pick, Vanguard, offers a wide variety of low cost mutual funds as well as a regular brokerage service. I’m a huge fan of Vanguard’s mutual funds, but I’m not crazy about their brokerage service, primarily due to cost — their standard rate is $25/trade. Nonetheless, consumers rated them highly for above average phone service. I can actually vouch for this myself; whenever you call, you’re almost certain to get a competent, helpful phone rep.

Edward Jones

I drive by an Edward Jones office on the way to work every day, but I must admit that I know very little about them. They are a “discount full service brokerage” that competes with the big boys in the investment world, but their online presence sucks (in my opinion). They ranked high for personal service but, based on their website, their commissions appear to be a trade secret, and it’s not even clear if you can trade online.

Best of the rest

Their list of the top ten best brokers was rounded out by:

• Charles Schwab
• Scottrade
• Fidelity
• TD Ameritrade
• T. Rowe Price
• A.G. Edwards
• E-Trade

Closing thoughts

This list is a good start, but if price is an important consideration, then I suggest that you check out my list of the best online brokers. If you’re willing to look around a bit, you can easily push your commissions below $5/trade, and still maintain a good customer service experience. For example, TradeKing offers $4.95 and award winning customer service.

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In spite of the ongoing credit crisis, Discover has launched a new credit card. It’s called the Escape Card by Discover, and it offers some fairly generous travel rewards as well as a 25,000 mile bonus, whih is the equivalent of a $250 signup bonus. The reward program offers two miles for every dollar spent. The miles never expire, and there’s no cap on how many you can earn.

Given that these miles are worth $0.01/each (more below), this is the equivalent of a 2% cash back reward. As far as redeeming your miles goes, you can use them on any airline for any flight. Simply purchase your ticket(s) with the card and then redeem your miles at a rate of $100 for 10,000 miles.

If you’d prefer non-travel rewards, you can redeem your miles for gift cards from over 90 Discover partners. Gift card redemptions start at 1,000 miles. Alternatively, you can convert your miles into statement credits, though the exchange rate here is only $25 for 5,000 miles.

As for the 25,000 mile bonus, you’ll receive 1,000 bonus miles per month for the first 25 months as long as you use the card at least once per month. This card also comes with 0% APR on purchases for six months.

The only real downside to this card is that there is a $60 annual fee. However, the bonus miles more than cover this amount for the first two years. All in all, the generous rewards make this card awfully tempting.

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Last night I finally found the time to open an account with DollarSavingsDirect. For those that are familiar with it, DollarSavingsDirect is a new(ish) high yield savings bank. Amazingly, despite month of falling rates, they managed to stay atop my list of online savings account interest rates with a juicy 4.00% APY.

While DollarSavingsDirect is a relative newcomer to the online banking game, it has an older sister named Emigrant Direct. In fact, both banks are owned by the same company (Emigrant Bank), and even share an FDIC certificate (and thus they have a common FDIC insurance limit). In fact, aside from the name, it’s hard to tell them apart — they have the exact same online interface.

Oh, and then there’s the small matter of their rates… As noted above, DollarSavingsDirect pays 4.00% APY, whereas Emigrant Direct is languishing back at 2.50% APY. While I’m not sure of their motivations, it appears that Emigrant Bank wanted to attract new money without paying their existing customers a premium.

Opening an Account

Whatever their motivation, the current rate at DollarSavingsDirect is high enough to get my attention. While I doubt it’s sustainable, I’ll take it while I can get it.

Step 1: Select your login credentials.

The application process starts by asking you to choose a username and password.

Step 2: Enter your personal information.

The next step is to enter your personal information, including your social security number and driver’s license info (this is standard fare for banks).

Step 3: Enter your address and choose an account type.

Next up… Your address. They actually need both your current address (along with your time at the current residence) as well as your previous address. I’m guessing that this is part of their identity verification process, as they can check both addresses against your credit record.

If you choose a joint account, you’ll be asked to enter all of the same information for your joint account holder.

Step 4: Fund your account.

The final step is to fund your account. As usual, I chose to link the new account to our local checking account. Note that DollarSavingsDirect requires a minimum deposit, so it’s not quite as forgiving as some of it’s online banking brethren. We went with the minimum for now, and will move more money once everything is up and running.

And that, my friends, is it. As things stand, we’re awaiting final approval — apparently it’s not fully automated, and I applied in the middle of the night. I will update with more details and screenshots once they provide us with full access.

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Over the weekend, I opened an account with Zecco. I’ve been meaning to do this for quite some time, but never found the time to do so. In case you’re not familiar with Zecco, they burst onto the scene back in July of 2006. Their name, which stands for “Zero Commission Cost,” pops up in pretty much every discussion of the best online stock brokers, so I thought I’d check them out.

Advantages of Zecco

The primary advantage of Zecco is, not surprisingly, cost. They currently offer up to ten free trades per month as long as you maintain a balance (include stock holdings) of at least $25,000 (there’s no minimum to open an account). Otherwise, trades will cost $4.50 — still pretty darn cheap. Options trades go for $4.50/trade + $0.50 per contract.

What’s the catch?

According to there site, there is no catch. They say that they can give away free trades because: (1) it’s cheap to run an online broker, and (2) they make money on interest income and options trades. They have, however, been criticized for poor customer service and a lack of fancy trading tools. That doesn’t really concern me, as I’m primarily interested in using them to buy (and hold) ETFs.

Opening an account

Given the above, I decided to give Zecco a try. What follows is a walk-through of the account opening process. All told, it took less than 10 minutes to set up a joint account. It would be even quicker for an individual account.

Step 1: Initiate your application.

Simply visit Zecco and click the “Open an Account” button. You’ll be greeted with a page that looks something like this:

Simply enter your desired username, etc. and click “Sign Up.”

Step 2: Enter your personal information.

You’ll next be asked to provide some personal information…

…and provided with an opportunity to enter a Zecco promotion code. Unfortunately, I haven’t run across anything particularly valuable, so I didn’t bother.

On the next screen, you’ll be asked what sort of account you want to open. If you select “Joint,” then you’ll have to supply information about the co-owner.

Next up… Contact info for both you and the account co-owner (if applicable), followed by a request for your social security number(s). They also ask some questions about your employment status, income, and net worth, as well as a standard set of conflict-of-interest question that are required by the SEC.

Step 3: Account settings and funding options.

Finally, sign yourself up for paperless statements and paperless trade confirmations (if you don’t, you’ll face fees of $2/paper statement and $1.50/paper confirmation) and then choose your funding option. We went with ACH, so we’ll have to wait a couple of days for the trial deposits to be made.

Almost done… Just agree to their terms and conditions and then verify all of the information that you’ve entered. That’s all there is to it.

Our account was approved within a few minutes, and is now up and running and fully accessible. That being said, there’s not much more I can do at this point until the trial deposits arrive. At that point, I’ll just hop back on over to Zecco to verify the amounts. Once that happens, I’ll transfer some money and poke around a bit more.

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He starts by saying:

“Whatever you do, do not watch Wall Street Week, Nightly Business Report or CNBC. With the extra hour or two you’ll gain each week from turning off the TV, I would start a regular reading program.”

He then goes on to list the books that he recommends for inclusion in your new reading program. Given that I recently put together a rundown of the best books about money based on the opinions of a handful of other bloggers, I thought I’d likewise publish a list of Bernstein’s favorites, many of which I haven’t read (and a few of which I’ve never even heard of).

First up, two classics:

» A Random Walk Down Wall Street

Author: Burton Malkiel
Length: 416 pages
Amazon rating: 4.5 stars
Bernstein says: “An excellent investment primer.”

» Common Sense on Mutual Funds

Author: John C. Bogle
Length: 496 pages
Amazon rating: 4.4 stars
Bernstein says: “More information than you ever wanted to know…”

According to Bernstein, if you read these two books, you’ll know more about finance than 99% of all stockbrokers and most other finance professionals. At that point, you’ll be ready for what he calls his “postgraduate course,” which consists of the following ten books:

» A Fool and His Money

Author: John Rothchild
Length: 272 pages
Amazon rating: 4.5 stars
Bernstein says: “Ground level trip through Wall Street in the 1980s… eye-opening.”

» Where are the Customer’s Yachts

Author: Fred Schwed
Length: 208 pages
Amazon rating: 4.6 stars
Bernstein says: “Ground level trip through Wall Street in the 1930s… eye-opening.”

» Once in Golconda

Author: John Brooks
Length: 307 pages
Amazon rating: 4.2 stars
Bernstein says: “How Uncle Sam got his hands on Wall Street.”

» Devil Take the Hindmost

Author: Edward Chancellor
Length: 400 pages
Amazon rating: 4.5 stars
Bernstein says: “A history of manias and crashes over the centuries.”

» Bernard M. Baruch: The Adventures of a Wall Street Legend

Author: James Grant
Length: 365 pages
Amazon rating: 4 stars
Bernstein says: “A better grasp of capital markets than anyone else I know.”

» Money of the Mind

Author: James Grant
Length: 528 pages
Amazon rating: 3.7 stars
Bernstein says: See above.

» Minding Mr. Market

Author: James Grant
Length: 424 pages
Amazon rating: 4.5 stars
Bernstein says: See above.

» The Trouble With Prosperity

Author: James Grant
Length: 368 pages
Amazon rating: 4.1 stars
Bernstein says: See above.

» Capital Ideas

Author: Peter Bernstein
Length: 352 pages
Amazon rating: 3.7 stars
Bernstein says: “An engaging history of modern financial theory.”

» Winning the Loser’s Game

Author: Charles Ellis
Length: 182 pages
Amazon rating: 3.8 stars
Bernstein says: “A succinct look at money management.”

According to Bernstein, all of the above titles are easily accessible to the average reader. But if you’re good with numbers and don’t mind a bit of effort, you should also consider the following:

» Global Investing

Author: Roger Ibbotson and Gary Brinson
Length: 339 pages
Amazon rating: No review yet
Bernstein says: “A… view of stocks, bonds, commodities, and inflation the world over.”

» Asset Allocation

Author: Roger Gibson and John Templeton
Length: 317 pages
Amazon rating: 4.4 stars
Bernstein says: “Excellent primer on portfolio theory and… allocations.”

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Whether you’re looking for a book (or two) for yourself, or hoping to pick up a gift for someone else, there’s bound to be something of interest on this list…

The Automatic Millionaire

Author: David Bach
Length: 272 pages
Amazon rating: 3.9 stars
Recommender: Jeremy @ GenXFinance

Jeremy says: I’m a pragmatist, so I really appreciate his matter-of-fact presentation of personal finance issues. There are no secrets to obtaining wealth, no special investments to get into, or even the need for professional advice. All you need is a little common sense that enables you to watch your spending, live within your means, and to pay yourself first–even if that is a bit cliché. This book is an extremely easy read that tackles core issues, and it should be read by anyone who wants to improve their finances.

The Total Money Makeover

Author: Dave Ramsey
Length: 272 pages
Amazon rating: 4.5 stars
Recommender: NCN @ NoCreditNeeded

NCN says: Easy-to-read, this book provides step-by-step instructions for creating a budget, getting out of debt, and living without credit cards. If you are thinking about getting out of debt, this book is a ‘must read’.

Debt is Slavery

Author: Michael Mihalik
Length: 128 pages
Amazon rating: 4.5 stars
Recommender: JD @ Get Rich Slowly

J.D. says: This self-published book is simple, clear, and direct. It doesn’t offer details on how to open an IRA, but it does explain the mental hurdles one needs to overcome in order to take control of his finances.

Founders at Work

Author: Jessica Livingston
Length: 500 pages
Amazon rating: 4.7 stars
Recommender: Will @ Wise Bread

Will says: Filled with inspirational interviews with founders of tech startups — who started billion dollar businesses with nothing more than pure passion and a fanatical belief in themselves — it is the bible for anyone looking to become an entrepreneur. This book inspired the Wise Bread founders to start our own blog publishing company.

The Intelligent Investor

Author: Benjamin Graham
Length: 640 pages
Amazon rating: 4.6 stars
Recommender: Ben @ MoneySmartLife

Ben says: I’d recommend this book to anyone wanting to understand fundamental analysis of a business and its stock. I love the distinction that Graham draws between an investor and a speculator; it runs through my head every time I make an investing decision. I’d go with the revised edition of The Intelligent Investor with commentary by Jason Zweig; it really helps apply Graham’s principles to today’s financial markets.

The Millionaire Next Door

Author: Thomas Stanley & William Danko
Length: 272 pages
Amazon rating: 3.9 stars
Recommender: FMF @ FreeMoneyFinance

FMF says: I like this book because the simple principles it teaches have guided me through several years, helping me to substantially increase my net worth during that time.

The Number

Author: Lee Eisenberg
Length: 288 pages
Amazon rating: 2.9 stars
Recommender: Flexo @ Consumerism Commentary

Flexo says: The author takes the approach that his readers are not simple-minded. Rather than “talking down” to readers like most financial authors, Eisenberg respects his readers and presents his points through stories without dumbing down the content.

The Richest Man in Babylon

Author: George Clason
Length: 160 pages
Amazon rating: 4.7 stars
Recommender: Jim @ Blueprint for Financial Prosperity

Jim says: This book does what no other personal finance book does. It keeps the generally simple tenets of personal finance very simple. Too often books try to be very complicated so they sell more copies, but The Richest Man uses very easy to understand allegories that won’t trip anyone up.

Stocks for the Long Run

Author: Jeremy Siegel
Length: 436 pages
Amazon rating: 4.2 stars
Recommender: JLP @ AllFinancialMatters

JLP says: This book is a great way to familiarize yourself with the workings of the stock and bond markets. Dr. Siegel does a wonderful job of explaining the workings of the markets and how, although stocks are quite volatile over the short-run, they have historically been the best way to build wealth over the long run. There’s even a fourth edition of the book in the works, which should be on bookstore shelves any day.

The Wealthy Barber

Author: David Chilton
Length: 224 pages
Amazon rating: 4.6 stars
Recommender: Jeffrey @ SavingAdvice

Jeffrey says: This book isn’t written like a typical personal finance book. Rather, it’s more like a novel with the lessons inside the story making it easier to read than most personal finance books. It’s a great first book for beginners wanting to get their toes wet and their personal finances in order.

Your Money or Your Life

Author: Joe Dominguez & Vicki Robin
Length: 400 pages
Amazon rating: 4.4 stars
Recommenders: Trent @ The Simple Dollar and Leo @ ZenHabits

Trent says: Your Money or Your Life is the only personal finance book I’ve read that bridges the gap between money management and the deepest core values that I hold in my life, and the principles hold true no matter what your values are.

Leo says: There is good advice in books by all the personal finance experts, but YMOYL actually changed my life, my perspective on life, and changed the way I see money. It made me realize that life is more than buying things and working… and that we are making choices about what we want to do with our lives.

So there you have it… Eleven great book recommendations from twelve great bloggers. Thanks to all who contributed!

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While I’ve read (and greatly enjoyed) The Bogleheads’ Guide to Investing from cover to cover, I’m going to be focusing solely on Chapter Two today…

Chapter 2 – Start Early and Invest Regularly

I picked this chapter because the message that it conveys represents what is probably the most formative financial lesson that I’ve learned in my (gasp!) thirty-five years. Back in 1997, when my wife was pregnant with our first of our four boys, I picked up a book called Time is Money by Frances Leonard, and it revolutionized the way that I think about money (you can read more here).

Chapter Two of The Bogleheads’ Guide to Investing had much the same effect on me, which is saying quite a lot… After all, I’m no longer a personal finance newbie that’s just casting about for direction. Yet this chapter actually spurred me on to rethink our retirement investing strategy, and to find a few more bucks to throw at our retirement accounts.

Equal parts inspiration and information, this chapter kicks off with a section on the magic of compound interest. It then moves into a more detailed discussion of the importance of saving, and provides a number of tips on finding money to invest. These are really pretty common sense tips, but I think that they’re an important part of any treatment of personal finance. After all, you can talk about the mechanics of saving and investing until you’re blue in the face, but it won’t do any good if your target audience just throws up their hands and says:

“I know I should be doing it — it’s just that I don’t have any extra money to save.”

This chapter effectively dispels that myth and makes the case that nearly everyone can make some pretty painless changes to their lifestyle to free up at least a few bucks. And if you can’t — and I mean really can’t — then salvation is a just a raise away. If your current lifestyle truly sucks up every last penny that you earn, and you’re completely unwilling to make a change, then at the very least you should commit to using some or all of your next raise to start investing for your future. And from that point on, whenever you get a raise, increase your savings rate. You’ll never miss the money if you divert some or all of it to saving and investing before you get accustomed to spending it.

What if you’re cutting costs everywhere that you can, and you still don’t feel like you’re saving enough? Well, this chapter has the good sense to encourage you to create a side income.

I know it sounds cheesy, but the most important step really is to just get started. And the next most important thing is to stick to it. And therein lies the central message of this chapter:

The two most important things any investor can do are to start saving early and invest regularly.

For those of you that think you’ve missed the boat, keep in mind that early is relative. Sure, starting at twenty is better than thirty, and thirty is better than forty. But no matter your age, starting today is far better than starting tomorrow.

If you’re interested in learning more about The Bogleheads’ Guide to Investing, check out JLP’s review of Chapter One, or hop on over to the project home page where you can keep track of all the reviews as they’re published.

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I received an advance copy of Dave Barry’s Money Secrets awhile back, and I’ve been planning on writing a review of it ever since. Well, here we are… Almost six weeks after the official release date, and I’m finally getting around to it. So… I’m not sure where to start. For those of you that aren’t familiar with Dave Barry, he who wrote a nationally syndicated column for the Miami Herald for over 20 years (1983-2005). A very funny nationally syndicated column. He’s also published a number of collections of his columns in book form, and he co-wrote the excellent Peter and the Starcatchers, which is a prequel to Peter Pan (he’s also co-author of the forthcoming Peter and the Shadow Thieves). Thus, I wasn’t quite sure what to expect when he tackled a topic like money.

Well, all I can say is this… If you’re looking for a book that contains at least a tiny bit of useful financial information, then keep looking. But if you’re looking for a funny book about money, then this one might be just what the doctor ordered. I mean, when a book covers the following topics, how could it not be funny?

• How the U.S. economy works, including the often overlooked role of Adam Sandler
• Why it is not a good idea to use squirrels for money
• Strategies that will give you the confidence you need to try for a good job, even though you are—let’s be honest—a no-talent loser
• How corporate executives, simply by walking into their offices, immediately become much stupider
• An absolutely foolproof system for making money in the stock market, requiring only a little effort (and access to time travel)
• Surefire tips for buying and selling real estate, the key being: Never buy—or, for that matter, sell—real estate
• How to minimize your federal taxes, safely and legally, by cheating
• Why good colleges cost so much, and how to make sure your child does not get into one
• How to reduce the cost of your medical care by basically not getting any
• Estate planning, especially the financial benefits of an early death
• And many, many pictures of Suze Orman

So what’s not to love?

To be totally honest, I’m a bit torn on this one. While Barry is definitely a very funny and creative guy, his schtick can get a little tiresome when it’s spread across 240 pages. All in all, I found this to be an amusing book to thumb through, but the goofball humor wore a bit thin over the course of the book, and I really didn’t feel compelled to just sit down and read Money Secrets.

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In short, this Freakonomics details a variety of studies in which economist Steven Levitt applied economic principles in an attempt to shed light on “the hidden side of everything.” I know what you’re thinking… Economics? Yuck! But this is actually a rather entertaining book that takes a contrarian look at crime, sumo wrestling, the KKK, real estate agents, parenting, gun safety, the No Child Left Behind Act, and more.

The basic premise of the book is that if you want to understand what’s really going on in any particular situation, you need to consider the incentives. While it felt a bit dumbed down, and didn’t contain a whole lot of truly useful financial information, I really enjoyed reading (err, listening to) it. It’s an entertaining book that encourages you to think outside the box, and it really appealed to the skeptic in me. If you’re looking for an entertaining read (or listen) I suggest that you check out Freakonomics.

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The book is organized into four sections, including:

Part 1: Understanding the Estate-Planning Basics
This section gives a rundown of various types of property (probate vs. non-probate, etc.), the different tools out there (wills, trusts, durable power of attorney, living wills, etc.), an overview of the probate process, the role of the executor, etc.

Part 2: Applying the Basics: Estate-Planning Tools for Common Life Situations
This section talks about providing for children, planning for children and grandchildren with disabilities, estate planning for married couples, dealing with subsequent marriages, as well as some thoughts on charitable donations.

Part 3: Preserving Your Estate: Keeping Creditors, Spendthrifts, and the Tax Man at Bay
This section includes a general introduction to asset protection planning, and then goes on to talk about a variety of topics relating to trusts, including spendthrift trust provisions and incentive trust provisions. This section also covers the use of limited liability entities such as family limited partnerships (FLPs) and limited liability companies (LLCs) for protecting your investments.

Part 4: Estate Planning With Retirement Assets
This section covers topics related to the protection of your retirement-related assets, including 401(k)s and IRAs.

As Ric Edelman makes clear in the foreword, this is not a do-it-yourself book. Rather, it’s meant to be used in concert with an attorney, and I think that it would do well in that capacity. Not only does it provide a good overview of the pertinent topics, but it also goes into a good bit of detail in a variety of areas. Admittedly, this book is a bit dry, but that has far more to do with the topic than with the writing. In short, this book got me thinking in the right direction, and helped to crystallize in my mind exactly what it is that we need at this point (a will plus a testamentary trust to take care of our kids). When viewed in the context of billable hours, this book could save you quite a bit of money by helping you sort out exactly what it is that you do and don’t understand before you ever set foot in your attorney’s office. All in all, I’d have to recommend “Crash Course” to anyone interested in learning about estate planning. Despite having picked this up at the library, I’ll probably end up buying it myself, as this book contains a lot of valuable information, and I’d like to be able to refer back to it periodically.

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First off, this phone isn’t cheap. It typically retails for around $349, although you should be able to knock $150 off that with activation. I was actually able to find a reconditioned unit at Radio Shack and ended up saving an additional $70 (so I paid $129 after rebate and before tax). It’s important to note here the distinction between refurbished and reconditioned Sprint phones. The former are defective phones that have been repaired, and they carry a six month warranty. The latter, which is what I got, are simply phones that were returned during the 14-day satisfaction guarantee. These phones get cleaned up, checked out, and repackaged prior to re-sale, and they carry a full 12 month warranty. If you can find one, they really are as good as new (albeit quite a bit cheaper).

So how do I like this phone? In short, it’s great. One feature that I was looking for in a new phone was a camera. Given that we have four kids, I’m never far from a photo opportunity. More often than not, however, I don’t have a camera with me. While the quality of camera phone pictures leaves something to be desired, getting a less than perfect picture beats the heck out of getting nothing at all. Beyond sporting a VGA (i.e., 640 x 480) camera, the MM-7400 can record/playback short (and small) videos, ranging from 15-30 seconds depending on quality. Thus far, both the photo and video capabilities have turned out to be very fun features. While I don’t have much to compare to in the world of camera phones, the picture quality is pretty good (for a phone), especially outdoors. While the camera has a flash, but it doesn’t seem to do much good for anything other than extreme closeups.

Once you’ve taken a few pictures and/or videos you will, of course, want to be able to review your handiwork. As it turns out, the display on this phone is great, and looking at pictures/videos on it is a joy. The colors are bright and crisp, and the the display itself is pretty big — 176 x 220 pixels. What about getting your data off the phone? While the MM-7400, like any Vision-capable camera phone, can directly upload or send pictures (or videos), that’s a pretty pricey endeavor — $10/month for Vision access plus $5/month for Picture Mail and another $5/month for Video Mail. Fortunately, I’ve been able to grab the pictures and videos off the phone using a USB cable (~$20 from Radio Shack) and the freely available BitPim. The added benefit of this approach is that I can clean the pictures up in PhotoShop before e-mailing them to people. Given this, I seriously doubt that I’ll keep the online access once the free trial ends.

Beyond having a camera, another thing that I was looking for in a phone was durability. Once again, the MM-7400 doesn’t disappoint. This phone sports a rugged plastic exterior, complete with rubber ‘bumpers’ around the edges. While this might sound kind of bulky, it really isn’t.

In terms of performance, this phone seems to pick up a great signal pretty much anywhere that I go, and the sound quality is good. Another nice feature is the speaker phone. Although it’s just half duplex (i.e., only one party can talk at a time), it works well and I’ve been especially happy to have it when I’ve found myself waiting on hold. Another positive is that the battery life has been surprisingly good, especially given the amount of time that I’ve spent taking pictures and shooting videos. This phone also comes with a bunch of other features that I haven’t played around with, and likely never will. For example, the ‘MM’ in the name stands for multimedia. Thus, if you’re willing to pay the price, you can stream video and/or music over your phone. It’s also ReadyLink capable, which is Sprint’s answer to Nextel’s push-to-talk service. Once again, you have to pay to play, and I can’t figure out why you’d bother when you can make PCS-to-PCS calls for free. I guess it might be useful in certain businesses and, now that Sprint has merged with Nextel, you’ll probably have a lot more people to talk with.

All in all, I’d have to say that I’m really happy with my purchase. I’ve already taken a bunch of priceless pictures that I otherwise would have missed, and the ability to capture videos has been great fun. If you’d like more information on the Sanyo MM-7400, complete with detailed technical specs, I suggest that you check out PhoneScoop’s review.

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To be completely honest, many of the details have escaped me, and I really do need to pick this book up and read it again. But what I remember the most from having read it is the sense of clarity that I got about money and the future. The subject matter was really nothing revolutionary, just the basic principle that “Money makes money, and the money that money makes, makes more money.” Perhaps I was just ready for a change, and maybe any finance book would have done the trick, but this book really did change the way I think about money and the future.

After laying out the case for the power of compounding, the book lays out a general plan for making a million. It then gives you a general rundown of the ins and outs of stocks, bonds and mutual funds. After this, there are several chapters devoted to topics such as risk tolerance, retirement accounts, and inflation-proofing your investments. There are also chapters on getting out of debt, buying a house and schooling your kids. There’s even a chapter devoted to the special concerns of women – if you’re going to live longer than the rest of us, you had better be able to pay for it! Finally, the book closes with a chapter titled “The Six Seductive Sirens of Stupidity: Words of Warning for Future Millionaires.”

While sections of it will no doubt be outdated by now (e.g., it was published in the pre-Roth IRA era), I can wholeheartedly recommend Time is Money to anyone who is starting out and just trying to get a handle on their finances. It’s easy to read, interesting, and downright inspirational. (Or at least it was to me.)

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Sure, my computer has a fax modem. But it’s a pain in the butt to get it working, and I’m always left wondering whether or not the fax went through. And if you need to sign or annotate the pages that you’re faxing, then you need to scan it first, adding to the inconvenience. As an added bonus, this particular fax machine (along with many others) can make photocopies. Granted, the copy quality isn’t that high, but it’s a heck of a lot easier than scanning and printing when you need a quick copy.

All in all this was a great purchase. I’ve already used it a few times for faxing in paperwork for some medical reimbursements, and I’m hooked.

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