0 Percent Card And No Transfer Fees

WaMu, Lehman, Madoff, Blockbuster, New Stream: Bankruptcy

(This report contains items about companies both in bankruptcy and not in bankruptcy. Updates Lehman and adds Madoff, Tribune and Javo in Updates; Epic Energy in New Filing, Fisher Island in Involuntary Filing and Vulcan Materials in Downgrade.)

March 21 (Bloomberg) -- Washington Mutual Inc. is in bankruptcy court today seeking approval for supplemental disclosure materials that creditors will receive before they vote again and make elections giving up claims against third parties in return for distributions.

Assuming the new disclosure is approved, the confirmation hearing for approval of the plan will commence May 2. The new disclosure describes the revised plan WaMu filed to comply with the bankruptcy judge’s 109-page opinion on Jan. 7 finding defects in the prior version she declined to confirm.

The revised disclosure materials say that the net distributions to creditors are now estimated to be $7.37 billion, compared with $7.45 billion under the plan the judge wouldn’t approve. The decline is due mostly to increased operating expenses and professional costs resulting from the delay in confirmation.

The so-called creditor cash available for distribution on implementation of the plan is now estimated to be $6.18 billion, including $2.07 billion in tax refunds. WaMu estimates that tax refund recoveries may rise by $60 million to $120 million from ongoing tax litigation.

WaMu is now projecting that the recovery on the so-called Piers claims will be 49 percent rather than 74 percent. Except for holders of subordinated claims, the 100 percent recovery is intact for creditors previously scheduled for full payment.

For details on the new plan, click here for the Feb. 14 Bloomberg bankruptcy report. For details on the opinion denying confirmation of the prior plan, click here for the Jan. 10 Bloomberg bankruptcy report.

Click here to read the May 18 Bloomberg bankruptcy report for a summary of WaMu’s original plan. To read about the settlement before it was modified, click here for the May 24 Bloomberg bankruptcy report. For a summary of changes WaMu made to its plan in October, click here for the Oct. 7 Bloomberg bankruptcy report.

The WaMu holding company filed under Chapter 11 in September 2008, one day after the bank subsidiary was taken over. The bank, once the sixth-largest depository and credit- card issuer in the U.S., was the largest bank failure in the country’s history. The holding company filed formal lists of assets and debt showing property with a total value of $4.49 billion against liabilities of $7.83 billion.

Coles Group Source MasterCard Benefits and Features - 0% Balance ...

Benefits of the Coles Group Source MasterCard

The Coles Group Source MasterCard is a unique credit card offering among available Australian credit cards. Add the benefits of a zero percent interest rate and the benefit of no annual fee, plus plenty of other discounts and savings, and this card could offer you a great way to save money.

While there are plenty of great low rate balance transfer cards on offer, the Coles Group Source MasterCard offers cardholders the benefit of a 0% interest rate for the first six months on balance transfers.

If you’re paying high interest rates on your credit card balances with other lenders or on store cards, you can easily transfer your balance over to your Coles Group Source MasterCard and pay 0% interest on the balance amount you transfer over for the first six months. This can allow you to reduce the amount of interest you pay each month. When you make your minimum monthly payments, you’ll know they’re going towards paying off your debt and not paying those steep interest costs.

If you want to reduce your credit card debt fast, work on paying the same amount in monthly payments as you’re paying now on your other credit card accounts. Because there are no interest charges adding up on your balance each month, your payments will go directly towards reducing your debt instead of paying for interest charges. This can be the ideal way to get out of debt very quickly.

Remember that the 0% interest rate only lasts for six months. After the introductory rate expires, the interest rate on any outstanding balance you have will revert to the standard purchase rate of 20.24%, so it’s a good idea to reduce your outstanding balance as much as you possibly can before the zero percent rate offer ends.

The Coles Source Group MasterCard also charges no annual fee for having a credit card. Most other credit cards offering great discounts, savings and rewards often charge steep annual fees. Having access to a great card and a low interest rate, along with the benefit of having no annual fee charged to your account means more savings for you.

For those cardholders who are diligent in reducing the outstanding credit card balance down to zero, and who continue to pay down the monthly balance in full before the due date shown on the statement, the Coles Source Group MasterCard also offers up to 62 days interest free on purchases made using your card.