kenkeenery1621 / Flickr | http://www.flickr.com/photos/kenkeener1621/3008566913/

For those looking to make some travel plans this summer (now that the weather is finally shaping up after a horrendous winter), you might have to pick a travel destination closer to home to avoid new airline price spikes.

Christopher Elliott at The Seattle Times writes that multiple American airlines have increased the cost of their change fees from $150 to $200, upping an already despised charge. Change fees go into effect when a traveler has to change their dates of travel and thus their reservation dates for airline tickets.

Even more obnoxious are the fees certain airlines like Frontier Airlines are imposing on travelers who purchase tickets on sites outside of its own, “Frontier Airlines announced that for tickets booked anywhere except on its website, it would raise its luggage charges and impose a fee of up to $100 for certain carry-on bags, the third U.S. carrier to do this.”

Fees for carry-on bags, say what?!

That’s not all, though, “Most economy-class passengers will also have to pay $1.99 for coffee, tea, soda and juice.” Though free food has long since disappeared from shorter domestic flights, imposing a carry-on fee on top of having to purchase your own coffee and tea, is awful.

According to Elliott, airlines have carte blanche to impose fees because the government cannot regulate these fees. Airlines have to disclose of these fees in the fares that they advertise, but what fees they actually charge are up to the companies.

Unfortunately for those who have to travel to distances too far to take a train for, airline fees are unavoidable. Elliott consults a fee analyst, who says that these fees are going too far,

”Keep fees reasonable and at a level that wouldn’t have your mother receive criticism about her son from her friends,” he says. “I think United’s recent increases violate that guideline. When these fees are too high, the airline will experience compliance issues at the airports and call center, counter, and gate staff will suffer the consequences.”

Click on page 2 and see a sample of the kinds of fees some American airlines charge.

Travel Prices Are Going Up This Summer

Flickr | http://www.flickr.com/photos/thinktankgroup/7071253667/sizes/z/in/photostream/

I was six years old when my father sat me down and handed me a pile of his baseball cards that he admired and enjoyed for the last 20 years. You can call this the ultimate hand-me-down. My father had given me his lifelong collection of baseball cards. The sentimental worth is, of course priceless, even though I hadn’t known enough about baseball to recognize the significance of my gift.

My father potentially handed me a goldmine, but I was as jubilant as any other kid with these cards, so I did what kids do; I played with them. I stuck them on my body and wedged them between the spokes of my bicycle. Heck, I even took a bite out of one to see how it tasted.

There was nothing more fun than collecting baseball cards, but playing with them became obsolete when collecting started becoming synonymous with “investment.”

As the years went by (in the 1990s), children were starting to recognize that these cards might be worth something some day. More and more kids were keeping their pristine cards in binders, perfectly minted so as to one day sell them and turn a profit. Collecting became more of a business than a hobby; the thought of even taking a card outside of your house unprotected was unimaginable.

After doing some research, I discovered the price of my baseball cards today: utterly worthless! With no one needing to read the information posted on the back of a baseball card to check out statistics or learn more about a player’s bio, the value of baseball cards diminished, thanks to the invention of the Internet.

If you’re lucky, you can make back the $4 you paid for a pack of Topps cards by selling a stack of your collection. I would have to sell about 1,000 of my cards to get back roughly $50, not nearly what they cost my father, or all of my wasted allowance!

There are a few exceptions, according to some price guides from Beckett and TuffStuff, but the majority went down the drain.

So just what can you hope to receive for your prized cards?

Here are some valuable cards worth mentioning:

• Honus Wagner, 1909: $2,800,000
• Babe Ruth, 1914: $517,000
• Joe Doyle, 1909: $329,000
• Mickey Mantle, 1952: $282,000
• Lou Gehrig, 1933: $275,000

(Information sourced from InfoBarrel.com.)

Reminder: values differ from the price someone is willing to actually pay for a card.

It all boils down to supply and demand, leaving the only place to get the best bang for your buck on auction sites, like eBay.

So before you throw that card out, check to see how much you can get for it.

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William Hook / Flickr | http://www.flickr.com/photos/williamhook/2802367795/

We embarked on a month-long money challenge two weeks ago. In order to make some extra money (side income!) and declutter (spring cleaning!), we picked out items we could sell, and whoever earns the most money from the challenge is the winner.

Claire: Out of everyone from the MyBankTracker team, I’m pretty sure I have the most amount of stuff to sell, given my history of compulsive shopping. I opened up an eBay store earlier this year to get rid of the clothes and shoes I no longer wear, and the bags I no longer carry.

Because I already have a store set up, I felt I would have an unfair advantage. So I decided to get rid of something that I would not normally sell, and will not to use eBay. I plan on using Craigslist or Yardsale (the app) to sell two iPods (I think they are the second generation) and a FlipCam. I purchased both iPods for $150 each, and the FlipCam was a gift, but I believe it’s worth $100.

I am planning on selling all three items as a bundle, but I’m not sure how much they will sell for. I’m guessing I won’t make more than $60.

Thanks to the invention of the iPhone (and many other smartphones), there’s no need to have all of these gadgets!

Amy: I’ve sold quite a few things over the years, and the bulk majority of the items I sell are usually shoes. I would say I’m generally pretty good at buying things I know I’ll wear, but there are a couple of laps of judgment here and there — and they’re almost always errors of judgment in the art of shoe shopping.

So for this challenge, I’ll be getting rid of a couple of shoes that just refuse to fit — even though I telepathically willed them to do so — and those that I just didn’t get that much use out of.

First lesson of the day: don’t buy shoes that don’t fit. Your feet won’t shrink and the shoes won’t grow. Second lesson: don’t deviate from your style too much. Even if you convince yourself you’ll be more adventurous… you won’t be.

Simon: Last week, I made a for-sale listing on Craigslist for a pair of adjustable Bowflex dumbbells that I bought a few years ago. Now that I use the gym and these dumbbells are taking up space at home, I might as well sell them.

I paid about $260 for them and they remain in great condition. After a little market research, I’m confident that I’ll recoup much of what I paid for it. I won’t be surprised if I break even or make a small profit. So far though, I received a few inquiries but there’s no buyer yet.

Other stuff I’ll look into selling are old trading cards and, maybe, some deadstock sneakers.

Bishoy: This week I will begin selling my entire collection of sneakers. I have a stockpile of Nikes and Jordans that I haven’t used for years and I am ready to let them go for this Money Challenge.

From Nike “De la souls” to “Kermit the Frog Dunks,” I am expecting to be able to sell these sneakers for over $300 collectively.

The retail price on each is well over $300, but I have worn the sneakers enough that the price should reflect the wear and tear.

- – - – -

MyBankTracker readers, tell us your experiences with selling and decluttering, and what you plan on selling in the name of spring cleaning. Participate for a chance to win a $50 Amex gift card! Leave a comment below or head on over to our Facebook page.

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Maureen / Flickr | http://www.flickr.com/photos/amerune/8740852239/

Not long after Senator Elizabeth Warren unveiled a proposed bill to reduce the rates on federal student loans to 0.75%, another bill has been proposed to address the mounting costs of college debt. However, this bill isn’t as good as Warren’s. But, we’re seeing increasing attention paid to the large financial burden held by college graduates.

• Big banks, such as Bank of America and Wells Fargo, are scaling back on mortgage servicing. As a result, customers may be getting bills from companies that have purchased the right to service mortgages that have been sold. In such cases, customers that use their mortgage relationship to get benefits on other accounts will see these benefits disappear. For example, some checking accounts will waive the monthly fee if you have a mortgage with them. Without it, you might have to pay that fee.
• On Sunday, New York Senator Kirsten Gillibrand proposed a new bill, called the Federal Student Loan Refinancing Act, that would lower the rates on existing federal student loans. Under the bill, federal student loans with an interest rate above 4 percents will be refinanced at a rate of 4 percent. If passed, the bill could benefit 37 million borrowers nationwide.
• On Wednesday, the Federal Reserve will release the minutes of its latest board meeting. The central bank did not institute any changes to monetary policy but there was a mention that the Fed is ready to scale back its bond-buying program, which has helped to suppress interest rates. The minutes could reveal the criteria that drives that decision.
• This upcoming Sunday will mark the 2nd birthday of Google Wallet. It will serve as a stark reminder of the mobile wallet’s struggles to penetrate the consumer payments market in the past two years. Despite expanding support for every debit and credit card, Google Wallet is still limited by support from mobile carriers.
• The debt ceiling battle is about the resume. The Treasury will start to implement “extraordinary measures” to pay the nation’s debt and uphold its credit. The debt ceiling is expected to hit after Labor Day, unless Congress takes action to avoid default. The country’s debt has surpassed $16.7 trillion.

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Jason Cartwright / Flickr |http://www.flickr.com/photos/jasoncartwright/8739444144/

Google made a splash this week at their I/O 2013 conference with the announcement of Google Wallet’s services coming to Gmail.

• Google Wallet being a part of Gmail will allow Google’s hundreds of millions of users access to the new P2P service. Will it be the go-to P2P service to come?
• Can homeownership actually save you money? Because of low rates, some mortgage experts say that it might save you more money in the long term than renting.
• We had a chat with an associate editor at the Huffington Post about being a writer and living in one of the most expensive cities (New York City), and how he manages his money.
• MyBankTracker writer and recent graduate Katherine discusses how students graduating with massive college debt are being forced to delay marriage, buying a house, and other major life milestones.
• Savings rates are down for another consecutive month. Banks have cut down on their rates substantially.
• Thank you to all of our readers who participated in our Mother’s Day Contest! Don’t forget to check out the winning response!
• Did you ever lose your debit card? Make sure you report the loss immediately, so you’re not liable for charges, and check out what top banks charge for replacing your debit card.

Don’t forget to participate in our ongoing Money Challenge. We’re trying to get rid of random junk and/or possessions that we don’t use anymore. We’ll check in on May 20, 2013 to detail what we decided to sell, and how much money we anticipate making.

Happy Weekend!

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The White House / Flickr | http://www.flickr.com/photos/whitehouse/8637749627/in/set-72157633216765592

Like the common folk, President Barack Obama has to worry about where to bank, what to invest in and how to provide for the family. This week, Obama disclosed his 2012 financial accounts, as required by the Ethics in Government Act of 1978. Based on the released financial documents, he appears to be a simple and conservative investor who is prepared to send his kids to college.

No savings account in sight

While many Americans consider a savings account to be the go-to place for their liquid savings, Obama doesn’t rely on such an account.

Obama has $250,001 to $500,000 in a Chase Private Client checking account and $1,001 to $15,000 in a Northern Trust checking account, both held jointly with First Lady Michelle Obama and earn little to no interest. He has another $1,001 to 15,000 in an individual Chase checking account.

Rather than saving in traditional deposit accounts, the President prefers low-risk investments through the government.

Heavily vested in government securities

The Obamas hold $1 million to $5 million in U.S. Treasury notes and another $100,001 to $250,000 in Treasury bills.

They also have $250,003 to $650,000 in retirement accounts that are invested in the Vanguard 500 Index Fund, which is a popular choice for diversified investors because the low-cost fund maintains holdings in the 500 largest U.S. companies. Although many investors are taught to diversify their portfolio with foreign investments, the Obamas do not have any international holdings.

Obama still has a pension plan, with $50,001 to $100,000, from when he was an Illinois State Senator.

The President’s cautious approach to investing may coincide with his age. At 51 and nearing the typical retirement age, the high allocation in low-risk government debt makes sense.

All ready for college tuition bills

With rapidly rising college tuition costs and the total student loan debt in the U.S. surpassing the $1 trillion mark, Obama is determined to prevent his two daughters from taking on debt when they head to college.

The Obamas have established 529 savings plans, worth $200,004 to $400,000, for the college educations of Malia, 14, and Sasha, 11.

Holding on to mortgage debt

It’s easy to assume that Obama doesn’t carry any debt because of his large financial cushion. But, that’s not the case.

He carries a 30-year home mortgage, with balance between $500,001 and $1 million and an interest rate of 5.625%, through Northern Trust. With today’s low mortgage rates, it would a be a cost-saving move for the Obamas to refinance their home.

The financial documents do not list any other forms of debt (liabilities of $10,000 or less do not have to be reported).

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Flickr | http://www.flickr.com/photos/71744937@N07/6482678531/

One mistake many people sometimes make is closing their credit card account, after paying it off. Some believe closing an account can reflect positively on your credit history, but it can actually cause more long-term financial problems for you.

Understanding How Credit Cards Work Against You

To first review how credit cards can negatively affect your life is to understand why paying off credit card balances should be a priority. When you are late paying your credit card bills or miss payments entirely, you are setting the stage for a vicious cycle to begin.

Interest rates on your cards will likely rise, so you will need to come up with even more money for a final pay off. If you are already experiencing money issues that cause you to make late payments, the extra interest charges can greatly hinder the repayment process.

Zero Balance is Important

When you are able to successfully navigate your debt issues and have achieved zero balances on your credit cards, it is time to plan ahead for the short-term future as well as for your long-term financial stability.

Zeroing out your credit cards is a good thing to achieve and many credit card holders may be tempted to close down their accounts and do away with plastic completely. While each person’s situation is different, keep in mind there are plenty of useful miles, gifts and cash back rewards that you can reap from using credit cards.

In order for consumers to have a solid credit rating on a consistent basis, there needs to be a mix of credit accounts maintained. Accounts that will strengthen your credit rating include your mortgage loan, personal loans, auto loans, and credit cards. Each account you maintain will need to be paid on time each month to keep your credit score satisfactory. By keeping your credit card accounts open and using them responsibly, you can re-strengthen your credit rating after dealing with debt problems.

Since your credit rating is partly based on the length of time your accounts have been opened, closing your account can shorten your credit history, which causes a drop in your credit score. Even if you feel you have no need to get a loan or have another credit card for the rest of your life, you will be doing yourself a disservice.

Your Credit Score, Beyond Loans and Credit Cards

Credit scores are not just used to qualify for a loan or credit card. There are many industries that now rely on a person’s credit history report to make decisions. The auto insurance industry is one; lower credit scores translate to higher instances of claims. Their theory is that low credit score holders are a bigger risk and as a result, they are charged more in premiums for coverage.

Landlords are another group that will likely ask for a credit check before you are approved for a rental place. You may think you don’t need good credit because you never plan to buy a home, but it can become quite difficult to find an apartment or a house with a limited or poor credit score.

Finally, you need to consider your employment opportunities. More and more employers are requiring credit checks on candidates before hiring is considered. Specifically, those working for the government or finance sector should count on having their credit checked.

If you are thinking about closing an account with a zero balance, consider how long you’ve had the card and how it can affect your overall credit score. Sometimes credit card companies will close a cardholder’s account if there is no activity for a certain amount of time. In order to keep this from happening, it may be a good idea to link your card to a monthly subscription, like your cable or Netflix bill.

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This week MyBankTracker chats with Associate Blog Editor at Huffington Post, Dan Treadway. Dan opens up about living in one of the most expensive cities in the U.S. (New York City), and how he manages his money. He also shares his strategy when it comes to saving money, and how he is fulfilling his dream of being a writer.

MBT: Tell us about yourself and your line of work.

D.T.: I was born in Texas and raised in Canada, so during my upbringing I was exposed to two very different cultures. I became interested in writing when I moved back to Texas from Canada to go to school at UT Austin. During college I served as an editor at The Daily Texan as well as the Texas Travesty, UT’s official humor publication.

These experiences ultimately guided me to where I am today. I graduated two years ago and currently work as an associate blog editor at the Huffington Post as well as a sports contributor to The Onion.

MBT: Does being a writer ever influence your decisions about money? If so, how?

D.T.: That’s difficult to say. I’m sure if I was in finance I’d live a little more lavishly. I review a lot of blog posts that deal with personal finance so sometimes I’ll pick up some useful advice. The most universal advice I’ve received is to invest your money early on. Even doing so with a little disposable income will likely pay dividends down the road.

MBT: What type of person are you when it comes to spending and saving?

D.T.: It’s fair to say that I live a fairly frugal lifestyle. I think part of that is because I enjoy cooking as opposed to eating out and am usually happier staying in and watching Netflix than spending money at a bar. I really enjoy cooking Greek food. I often follow recipes that were passed to me by Epicurious.com.

MBT: How did your parents handle money and what lessons did you learn from them?

D.T.: My parents were fairly private with finances but they we very good about instilling the importance of saving and taught my sisters and I how to budget. If I want to purchase a fancy item or go on vacation, I try to put a little money aside several months in advance to make it easier. Oftentimes I’ll stay on the same budget after I’ve purchased the item, just because I’m used to it.

MBT: What are your biggest expenses and how do you tackle them?

D.T.: Well, like more or less everyone, but especially so in New York, my biggest expense is rent. I like the place I live, and one of the biggest appeals is that it’s within my means so I don’t have to panic between paychecks!

MBT: Being in your twenties, how do your friends influence your money decisions, and what is your social life like?

D.T.: At this time in my life, it’s fair to say my friends influence how I spend a lot of my budget because I’m starting to spend a decent amount of money flying out to their weddings. I usually go out one night on weekends and once or twice during the week but most of the time it’s nothing fancy.

When I go out I try to make a habit of paying in cash rather than starting a tab so that I can keep better track of the money I’m spending. But it’s always amazing how that cash can magically disappear as the night progresses. A lot of things stay open 24 hours in NYC, so it’s very easy to not stop spending money. (Continue to page 2)

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Flickr | http://www.flickr.com/photos/jwthompson2/139445633/

If you’re in the market for buying a new house to call your humble abode, now may be the best time to get in. With rates as low as 3.5% for first time home buyers  coupled with other programs which can assist in offsetting the cost of a down payment, buyers can find their way towards the American dream.

According to a recent survey conducted by the MacArthur Foundation, surprisingly 57% of respondents felt that buying a home is not as popular as renting. With that being said, the path to homeownership can still save you more money when looking at the long-term outlook.

“Ninety percent of the time owning a home is cheaper than renting when you look at the amount of money you’re spending,” said Jaron, an employee for Bank of America who works in the mortgage/foreclosure department. “Right now we’re in a down market and one of the reasons home ownership is better is because of the tax write off,” he adds.

In a regular housing market, a homeowner can expect to build equity over time as they invest money into their house. “For first time home buyers there are a lot of programs out there to help them. The best program out right now is the NACA (Neighborhood Assistance Corporation of America) purchase program that is better than any bank because it’s doubling back so they get lower rates than what banks can offer.”

NACA is a non-profit organization committed to building strong communities through affordable housing. There is no down payment, closing costs, fees and no requirement for perfect credit. “If you live in bigger cities like Los Angeles, New York City or Chicago, it’s actually cheaper to own a home than to rent,” he concludes.

There are other industry experts in the real estate sector who strongly believe and push for the idea of homeownership. “If you want to see your money work for you, I would definitely recommend buying a home,” said Mike Jones, licensed real estate salesperson for Rapid Realty.

“Let’s look at it like this; if it’s a 2-bedroom apartment for $2,400 that you don’t own, in twelve months you’re looking at spending at least $27,000 a year which you will never get back. In five years that’s about $100,000, and times that by another five years, that’s almost $500,000. That amount will go into someone else’s pockets, that could go towards your mortgage.

“Down the line you could own your own home and have some assets.”  he continued.

Even though renting is still the bottom line for many consumers, many still opt out of idea of owning a home for several reasons. “The reason why  renting is so popular is because people are too scared to take the risk of getting loans from banks or they feel they might not be qualified due to credit or income issues. Buyers should get in now because in a couple of years it may be harder to buy a house in New York State. The prices for homes are definitely higher than they were ten years ago,” he concluded.

For more information on the NACA homeowner program go to: NACA.com.

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JR / Flickr | http://www.flickr.com/photos/jmrosenfeld/2903513401/

In the past month, the story hasn’t changed: savings rates continue to slip. Since mid-April, the national savings rate average fell from 0.30% APY to 0.29% APY. The drop can be attributed to significant rate cuts that occurred at some of the most popular online banks.

In the span of two weeks (April 19 to May 3), TIAA Direct slashed its savings rate from 0.92% APY to 0.86% APY, and then again from 0.86% APY to 0.76% APY. Launched in early 2012, TIAA Direct offered a highly competitive savings rate of 1.25% APY for all of last year. The online bank has cut its savings rate multiple times since January 2013.

At UFB Direct, the savings rate suffered a much more drastic drop. The online bank reduced its savings rate from 0.80% APY to 0.20% APY. This is the same savings account that offered a market-leading 1.30% APY in January 2012.

Other banks that have cut savings rates include Zions Bank, AIG Bank and TD Bank. Currently, CIT Bank offers the top nationwide savings rate at 1.00% APY, but the required balance is $25,000 (balances below $25,000 earn 0.90% APY).

Meanwhile, the Federal Reserve’s April 30-May 1 meeting did not result in any major changes to monetary policy. The central bank will maintain its bond-buying program to suppress interest rates. “The Committee is prepared to increase or reduce the pace of purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes,” the Fed said.

Despite the incessantly-gloomy sentiment regarding interest rates, there is a little bit of good news. In April, unemployment rate fell to 7.5 percent, down 0.6 percent from one year ago. The Fed says that interest rates will start to rise when the unemployment rate hits 6.5 percent, which is an event that all savers are eyeing.

The table below shows the changes in savings rates at benchmark financial institution from April 15, 2013 to May 15, 2013. By monitoring the savings rates at some of the largest banks, we get an idea of where rates at other banks and financial institutions are headed.

Take a look at the top rates currently available:

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