This debit card comes in 14k gold

MANILA – Why pay in plastic when you can settle your bills in gold – literally?

This is one the main come-ons of the Aurae Lifestyle Membership Program, whose members receive the Aurae Solid Gold MasterCard, which is made from 14k and 18k gold.

For Aurae Lifestyle CMO Terrence Thomas, this fully functional debit card is indeed a statement item. “Everything that we do is bespoke. It’s customized and it’s personal,” he told ABS-CBN News in an interview.

Thomas was in town for the Asian Poker Tour, whose Players’ Party was sponsored by Aurae and held at Resorts World Manila over the weekend.

According to a company statement distributed by PR Newswire, it developed a patented process that facilitates jewelling and engraving custom designs onto each card, allowing “each member to have their legacy and success elegantly expressed in a unique way to share their passions and tell their story.”

Aurae conducts a design consultation to create a one of a kind card for each member, which can have up to 164 embedded precious stones. The member's name and signature are engraved into each card “to symbolize the lasting impact of their legacy.”

“We help design a card based on what’s meaningful to them,” explained Thomas, citing a member who is an aviation enthusiast and whose card sports a cockpit design.

“It’s amazing, the detail of the cockpit. But it’s what’s important to him and he is very proud of that,” Thomas said. “When they do mundane tasks like buy dinner, it reminds them of what’s important to them, who they are, what their core values are. We connect the payment with the lifestyle.”

Members also receive their card presented in a hand-crafted heirloom marquetry box that is accompanied by a certificate of authenticity and an elegantly designed hand-stitched leather wallet with a unique central pocket for the card. The card is also insured by Lloyd's of London, allowing for ease of replacement in the event of loss or theft.

Concierge services
But more than a debit card, Aurae Lifestyle is really about belonging to an elite club as membership at the moment is by invitation only.

Apart from the card, members get to enjoy personal concierge services and exclusive access to VIP events worldwide.

“We help provide a level of service to our clients to make their life better and easier and more meaningful. At the end of the day, we want people to experience life at its fullest. Whether it’s a payment vehicle, whether it’s a lifestyle vehicle, whether it’s a legacy kind of story – those are all important things that help our clients,” Thomas said.

To illustrate, Walker Posey of The Augusta Management Group cited Aurae’s experience at the recent US Masters.

“We were able to have several clients have very unique experiences where we actually brought in PGA tour players to have dinners and lunches. We were able to give behind the scenes and make sure they are at the right spot and just being able to enjoy that experience at a different level that you typically wouldn’t if you would just show up and have a ticket. We try to do that along in any event that’s meaningful to our clients,” he said.
And this is what differentiates Aurae from other premium credit
cards, Thomas stressed.

“Other concierge services were kind of canned. They were just kind of a concierge services in name but when it came to delivering high-end experiences, they couldn’t deliver,” he said.

“So that is kind of how we created and tailored our lifestyle programs around - helping our clients have experiences that typically couldn’t be available to the general public. That involves relationships. I think it really just comes down to us having the ability to have the relationship with the right people.”

Manila center?

Meanwhile, Thomas also revealed that the company is considering setting up a concierge center in Manila to service clients in the region.

As for prospective Filipino members, he noted that one advantage of owning an Aurae card is that it allows easy access to their money when traveling abroad.

“You go to the bank, you only get X number. For the high-end consumer, it’s very helpful to access their money on the road without any friction,” Thomas said.

source: www.abs-cbnnews.com

Choosing the right plastic: When to go credit or debit

MANILA, Philippines - Have you ever opened your wallet and wondered if you should use your credit card or debit card? Both provide the convenience of cashless transactions and make paying a breeze. Like many cardholders, you have probably asked yourself when it makes sense to use one over the other.

Although they offer similar features, credit cards and debit cards are not as alike as you think.

Credit cards are issued by banks or credit card companies. To get one, you go through the whole process of applying for a card and proving your capacity to pay. When you use a credit card, you are doing so with borrowed funds that must be settled in full or partially on your next payment due date.

On the other hand, debit cards can only be issued by banks. To get a debit card, you have to open a savings or a checking account. The ATM card which you use to withdraw money is the same card you will use for debit transactions. When you use a debit card, you are using funds you already have in your own account.

If you own both, there are instances when using one makes more sense than the other.

Use your credit card when:

You are shopping online. 

Credit card companies offer security features that would be especially useful when you are shopping online. When you make an online purchase using your card, there is a lag time during which a verification of the purchase is made, allowing you to dispute a charge. Further, credit card companies can offer insurance against fraudulent purchases for a nominal fee.

You need to buy time between purchase date and payment date. 

When your cash is tight but you need to make an immediate purchase, say for emergencies or for important items such as medicine or tuition fees, then your credit card will be most helpful. It gives you the extra elbow room right when you need it.

‘Gives’ is your best option. 

Credit cards allow you to amortize payments over a period of time, ranging from as low as 3 months to as long as 2 years. During promotional periods, you can avail of 0% payment terms which allows you greater flexibility in setting budgets. In contrast, this cannot be arranged when you use a debit card.

You want to buy goods to be used in the future. 

For purchases like tickets and hotel bookings that are meant to be used in the future and may be rebooked or cancelled, credit cards make a better choice. Should your plans change, you will be able to get your refund through a reversal of charges on your credit card.

You want to make a recurring payment. 

When you want to make regular automated payments, usually for payments made for subscription, utilities, service providers, or voluntary donations to a charitable organization, it makes more sense to use a credit card. This is particularly helpful when you want to stop the recurring payment, with the card company able to reject payments billed by the merchant.

Use your debit card when:



You don’t have enough cash in your wallet for small purchases. 

A debit card is a convenient tool to have. It acts like an extension of your wallet, saving you from having to make that trip to the ATM machine to withdraw money.

You don’t want to rack up additional debt. 

When using a debit card, you are actually using money that you already have. Using it allows you to control your spending and live within your means. If you want to cut down on borrowings but don’t want to carry cash, then you should use your debit card.

You want to withdraw money abroad. 

Sometimes it is cheaper to withdraw foreign exchange from your own account once you to get to your destination instead of charging your credit card. This is because conversion rates for withdrawals are sometimes lower than that charged by credit card firms. However, there may be corresponding charges for these withdrawals so it would be best to check with your bank and credit card provider before proceeding.

Whether you choose to pay with a credit card or make a debit card payment, you may be entitled to rewards or rebates. Credit cards regularly offer rebates and rewards. When you are keen to accumulate any of these, or when the rebates being offered are superior to that when you pay in cash, then a credit card makes a better choice.

As banks try to get more of its clients to pay with a debit card, they too are throwing in similar rewards, so in these instances, cash is no longer king. In any situation, always look for the best value for your hard-earned money.

source: www.abs-cbnnews.com

Your Short Term Loan: What Happens When the Goods Go Bad

There are many different ways of paying for goods and if you buy a product using some form of finance agreement then you need to be aware that you have different rights depending on what type of credit agreement you signed.

If you have used a short term loan to finance the purchase of an item that subsequently turns out to faulty, defective, or simply not fit for the purpose it was intended, then you have certain rights under consumer law to get something done about it.

When there is a problem

If something goes amiss with a transaction and the goods you purchased using finance turn out to be bad and you want a refund, repair or replacement, your first course of action is to contact the trader in question to try and sort of the problem directly with them.

If you have use a short term loan, then you will have agreed a repayment date and the money will be collected from your bank to repay the loan as scheduled. It should be remembered that the lender is not responsible for any issues or problems you are having with the goods that you have bought and you should not cancel the repayment as this will probably cost you extra money in additional interest and charges.

If you put the loan directly into your bank account and paid for the goods using your debit card then you might be able to get a refund from your debit card provider if they belong to a recognised Chargeback scheme.

Know your rights

It can be quite a daunting task if you are trying to get your money back or get some positive action taken by the trader so that you can have your faulty goods replaced or repaired and sometimes even harder to get your money back.

It is always a good idea to find out where you stand legally before you start a more formal complaint process but your first action should be to speak to the trader directly and see if they are willing to find a way of resolving the problems you are having and work with you to put it right.

Making a complaint

If you are unable to resolve your problem amicably then the next step would be to make a complaint and the person who you direct your concerns to will depend on the size and structure of the business that you are dealing with.

If it is a larger store then they may have a customer services manager or a specific department that you should write to with your complaint, if the problem is with a small business then you should direct your complain to the person you dealt with originally.

If you are struggling to get your problem resolved then you might want to consider getting some help from your local Citizens Advice Bureau, as they will have a working knowledge of the relevant consumer laws and their services are free to use.

How you originally financed your purchase does make a difference to how you go about getting your money back or the goods replaced but the one thing you should remember if you used a short term loan, is that you should still arrange to repay the loan on time whilst you are trying to resolve the problem.

Peter Davis has had a long finance career. After years of experience crunching numbers, he uses his insight to write about making smart money decisions.

source: 20smoney.com

How BDO is combating debit card fraud

MANILA, Philippines – BDO Unibank Inc. has tapped a new software solution to detect, prevent and significantly reduce fraud on debit cards.

The bank said it will use FICO's Falcon Fraud Manager, one of the world's leading analytics and decision management software firms, to analyze cardholder account transactions against fraud profiles on a real-time basis.

BDO senior vice president and head for transaction banking Emmanuel Narciso said the new software will boost not only security of clients who use debit cards for purchase and payment transactions but also the use of online payments.

"We're aiming for significantly increased purchase usage among our debit cardholders. Our success will depend largely on our ability to assure customers that they can use their cards, both online and in stores, to make purchases in an easy, safe, and secure manner," he said.

FICO's studies showed that there is a growing number of payment card fraud over the last two years in the Philippines, coinciding with the rapid growth of card adoption and usage.

Banks are therefore more cautious about growing card portfolios too quickly without effective fraud controls in place.

In 2013, banks lost as much as P220 million to ATM fraud.

"By building its debit card program upon the industry's most advanced fraud detection solution, BDO is backing its commitment to protect its customers so they can fully enjoy the convenience of their debit cards, just as they do their credit cards," said FICO president for Asia Pacific Dan McConaghy.

BDO ATM debit cards allow clients to withdraw cash through BDO, Expressnet, MegaLink and BancNet ATMs nationwide and through MasterCard/Cirrus and Visa/Plus ATMs worldwide (for MasterCard and VISA ATM Debit Card, and pay without cash for purchases, goods and services at major establishments nationwide and abroad (for MasterCard and VISA ATM Debit Card).

Clients can also view balance information, transfer money, pay bills and buy prepaid mobile reloads anytime, anywhere using BDO's electronic channels.

 source: www.abs-cbnnews.com

Britain fines Playboy over porn

LONDON - Britain's media regulator fined Playboy 100,000 pounds ($160,000, 121,000 euros) on Wednesday for its "reckless" failure to prevent children from accessing pornography.

Two websites owned by the US adult brand provided access to "hardcore videos and images" without adequate controls ensuring that users were aged 18 or over, the Ofcom regulator said.

"Playboy's failure to protect children from potentially accessing these sites was serious, repeated and reckless," the watchdog said.

The Demand Adult website displayed hardcore pornography that could be viewed simply by clicking on a button labelled "Enter, I am over 18" while the Playboy TV site used a similar age verification system to show less explicit content.

Users of both websites could access hardcore material using a debit card -- which unlike a credit card, can be obtained by Britons from the age of 11.

Ofcom said neither the button marked "I am over 18" nor the debit card payment system constituted "an effective age verification system".

Playboy has grown from the men's magazine founded by Hugh Hefner in 1953 into a global business empire spanning pornography, members' clubs and merchandise branded with its iconic "bunny" logo.

source: abs-cbnnews.com