Credit Card

Signet Banking Corp. has changed the name of the credit card company it plans to spin off in a public offering and said it expects to begin the sale next month.Instead of OakStone Financial Corp., the company will be called Capital One Financial Corp., Richmond, Va.-based Signet said yesterday."Capital One consistently outperformed a broad array of names in extensive consumer testing," Signet said in a statement.The offering will begin some time after Signet releases its third-quarter earnings, which are expected Tuesday.

Harford residents will not be allowed to pay their property taxes, water or sewer bills with a credit card.The County Council voted 6-0 last Tuesday to reject a resolution that would have allowed the credit card payments, saying it didn't want Harford "to get into the credit card business."Some council members also said they were concerned that the bank would get the payments before the county did, delaying the county's receipt of payment.Such payments are allowed under a new state law sponsored by state Sen. William H. Amoss, D-Harford, and Sen. Walter M. Baker, D-Cecil County, but on the condition that the jurisdiction passes specific legislation.

County police arrested a Glen Burnie man Monday and charged him with stealing a credit card and using it to pay for dinners and gasoline for a total of $790.Bruce Dean Sofield, 36, of the 500 block of Bend Circle Road was charged with a felony theft scheme, felony theft and theft.Cynthia Marie Morgan, 34, also of the 500 block of Bend Circle Road called police Monday to report her credit card stolen after her bank called her Friday to tell her there had been some unusual purchases, police said.

Credit card junkies come in many varieties, says Le Kirschbaum, president of Mid-Continent Agencies Inc., a debt-collection company in Glenview, Ill. Here are some examples:* Compulsive Buyers. Purchase goods or services regardless of need. Since cash is limited, credit becomes the preferred tool.* Revenge Spenders. Rather than cry, scream or engage in misconduct, they prefer a more subtle approach: They run up big bills to get even. Shopping sprees often come after an argument.* Card Collectors.

State police are seeking help identifying two men who have used stolen credit cards to take more than $20,000 in the last month, said Tfc. John Reininger.Trooper Reininger said the men searched mailboxes along county roads for financial statements and used the information to apply for credit cards in the name of the victim. The officer said the men know the approximate time it takes for credit card companies to process and send new cards. Police aid they believe the men return to steal the cards.

WASHINGTON -- Uncle Sam wants your plastic.The House of Representatives yesterday voted to allow Americans to use their credit cards to pay taxes, part of a larger package of legislation passed by the House to streamline procedures for paying taxes.The credit card method is designed to corral the hundreds of thousands of Americans who each year find themselves short of cash April 15 and make the mistake of failing to file a tax return.Although the idea of paying the tax bill in the same manner as buying a dress or a suit appeals to many people, the issue is more complicated than that.

Two con artists who claim to be Anne Arundel County detectives investigating credit-card misuse apparently have devised a scam targeting Asians, county police said yesterday.In the last week, the men have called four restaurants, three owned by Asians, and claimed to be investigating credit-card fraud in Maryland, Virginia and Washington. They requested names, numbers and expiration dates on credit-card receipts.Workers at the Grand Palace Restaurant in the 5700 block of Ritchie Highway in Brooklyn Park, and the Sunset Restaurant and Lounge in the 600 block of Greenway S.E. and Ying's Restaurant in the 6600 block of Ritchie Highway, both in Glen Burnie, supplied the information to the bogus detectives, said Detective Ronald Hines, a police spokesman.

The Rev. Nathaniel Pierce of Trappe says he transferred his credit card balance to a Chase card a few years ago after getting assurances of a low interest rate and low monthly minimum payments. Now, Pierce accuses Chase of bait and switch tactics. Chase notified Pierce that starting next month, his minimum payment is going from 2 percent to 5 percent of his outstanding balance, roughly raising his monthly payment from $100 to $250. He suspects the shift is tied to credit card reforms that take effect in February.

Credit cards can be a royal pain. They often charge double-digit interest rates. They sometimes levy fees if you're even a minute late with your payment. And they have terms and conditions that can change (frequently to your disadvantage) at any time. But a debate brewing between Congress and the banking industry brings to mind one of credit cards' virtues: rewards. The debate centers on a bill introduced this spring, proposing that fees merchants pay to Visa and MasterCard to process credit card transactions be capped.