My New Credit Card

Treasury officials have spent almost £2 million on taxpayer-funded credit cards over the past three years amid growing concern among ministers over unchecked spending by civil servants, The Daily Telegraph can disclose.

Mandarins charged with overseeing public spending have lavished public money on five star hotels, cookery courses and even shopping at high-street stores.

The disclosure comes as Eric Pickles, the Communities Secretary, launches an outspoken attack on the use of government credit cards by officials which he claims has led to a breakdown in “financial controls”.

It is understood that George Osborne, the Chancellor, was surprised by the use of taxpayer-funded credit cards in the Treasury after last year’s election and ordered a clampdown on their use.

A source close to the Chancellor said that the lavish spending had now been banned, and that spending on the cards had halved since the election.

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The world of accounting and record keeping revolves around four main concepts. Based on the understanding of these concepts the ones who manage the accounts of a business let us know their decisions. The first concept is the concept of accruals which states that the transactions that took place and that which incurred a liability has to be written down even if there was no physical transaction of money or wealth between the two parties. If a customer buys toothpaste worth $500 in January and does not deal in cash until February it does not dissolve the liability. It still holds him to pay for the money that he has taken. The consistency principle states that if a particular concept has been in use for the accounting period then that concept cannot be altered at random.

It can only undergo change if there is a condition that requires it to be changed. If the double-entry method has been used for the accounting period in January the same method will have to be used in February as well. Full Post…

The Clear from American Express® is known for being clear and simple. You can enjoy having no annual fee, no late fees, no balance transfer fees, no over-limit fees, and no cash advance fees with a Clear Card. This card is designed for those that want a simple way to earn rewards for your spending. With this card you get all the great protections offered by American Express.

• Enjoy Automatic Rewards: Get a $25 American Express® shopping card for every eligible $2,500 you spend on your Card.
• Flexibility to Pay Over Time: You decide if you want to pay charges over time or pay in full just another way to simplify your finances with Clear.
• Powerful Shopping: We can extend the length of the original manufacturers warranty up to one additional year on your eligible purchases that have U.S. w

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  Widespread predictions that the Credit CARD Act of 2009 would usher in a new era of rising interest rates, sky-high annual fees and other bank penalties were off the mark, according to a new study released Tuesday by the Pew Safe Credit Cards Project.   The Pew study analyzed 300 cards issued by 12 leading U.S. banks and 12 credit unions and found that interest rates have mostly leveled off since 2010, annual fees have gone up only slightly and penalty charges have dropped sharply in the last year. Over-limit fees, in turn, have all but disappeared.    The study’s findings indicate that most banks have found a way to live with the new rules imposed by the Credit CARD Act and still turn a profit, despite the strict regulations. “The credit card market is stabilizing,” says Nick Bourke, director of the Safe Credit Cards Project and author of study. “And the credit card issuers are feeling a little more confident … in the post recession and post-regulatory environment.”   The study’s findings, says Bourke, show that the Credit CARD Act has been “quite successful” in protecting consumers from harmful practices, such as unexpected interest rate hikes and high penalty fees, while still allowing banks to compete in the market.   “We’ve seen quantit Full Post…