Raise Interest Rates To Spur Lending?

We know that flies in the face of all conventional economic wisdom.

But for the past year the Federal Reserve has been providing commercial banks with an almost limitless supply of free money in the hope that they’ll make lots of new loans and help boost the economy out of the recession.

Yet the banks are extending precious little credit to consumers. To small businesses. To anyone.

Could it be that Fed Chairman Ben Bernanke has pushed conventional economic wisdom too far by driving interest rates too low?

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How To Get Discover’s 5% Rebate In 2010

Discover Card has promoted its 5% Cashback Bonus on “rotating items” for quite some time.

But never knowing what might be eligible for that hefty rebate a few months down the road aggravated more than a few Discover More cardholders.

Now Discover is publishing a calendar of future offers on the Web page where you must sign-up in advance to qualify for each bonus.

Here’s where and when you can earn the 5% rebate on purchases at grocery stores, hotels, movie theaters and lots of other places during the first nine months of 2010.

CLICK HERE TO READ THE ENTIRE POST.

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Turning To Angie To Find A New Doctor

I wanted a new dermatologist.

Not only did my ex-doc’s smarmy billing tactics piss me off, but he made me feel like an ATM machine: He got his cash and he got me out of there.

I wanted a doctor who would take time with my office visits, listen to my concerns, look at my medical history and offer solutions instead of a wham, bam, thank you ma’am approach.

I talked to my primary care physician about recommendations, but all he offered was a list of dermatologists who take my insurance.

So I decided to look on Angie’s List and walked away an empowered consumer. MORE

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Out of the Inbox: Credit Karma’s Monthly Email is Hard to Ignore

 I get dozens of newsletters and marketing pitches from my various financial accounts every month. While they are interesting to me as an analyst, for the average consumer there’s rarely any actionable information.

However, one financial company consistently drives users to its site month over month with their email missives. And they don’t even have to change the creative.

Free-credit-score provider Credit Karma simply reminds users that it’s been more than two weeks since they last checked their credit score. The company goes on to encourage users to check in every month to to make sure no adverse changes have occurred (see first screenshot below). It’s a simple yet powerful message that drives traffic to the company’s ad-supported site (see second and third screenshots).

I’ve received this message on the 16th of each month this year, except May, when I must have already visited Credit Karma in the two weeks prior. A large yellow button invites the reader to click through to see the latest score (see first screenshot).

And the technique seems to be working. Traffic, measured in unique visitors by Compete, is up six-fold in the past 12 months, to 310,000 visitors in July (see chart below).

Credit Karma email (received 16 July 2009; 10:05 AM Pacific)
Subject: Credit Karma update

Current landing page after clicking “update” button in email (13 Aug 2009)
Note: Virgin Money’s friends-and-family mortgage offering is the lead product placement while The Easy Loan Site has the top banner. Lending Club is also running a banner across the top.

Landing page two months ago (16 June 2009)
Note: Virgin Money’s friends and family was also the lead product placement, while ING Direct’s Sharebuilder had the banner.  Virgin Money also has a product offer in the middle of the page.

WTDirect Up To $250 Bonus

WTDirect has launched a winter promotion for their 3.06% APY online savings account. Not really the HOTTEST deal out there, but worth mentioning.

OPEN a new account — use promotion code “WTG3DNC”
LINK an existing bank account to your new WTDirect account during the application process.
FUND your new WTDirect account by initiating an online transfer by 12/22/08.
EARN your bonus — calculated by determining the average balance from 1/1/09 – 2/28/09.
During that time, you will have 100% access to your funds.
RECEIVE your cash bonus in mid-March. It will be deposited directly to your WTDirect account.