Happy Black Friday, shoppers. Did you go out a-spending this morning? Are you still waiting in line as you read this post? We hope you’re having fun and took some of our advice for retail madness. If you’re reading this from your iPhone right now, take some time to review:

• Missed a deal? Never fear, price protection is here to cover the difference.
• Should you drop $100 for a product replacement plan? NO! Check out the comments on this post to find out how one MYC reader saved $599 with Visa’s extended warranty.
• Is someone tempting you with 0% interest for a department store credit card? Read this first.
• Thinking of giving someone the gift of choice? Check out our Top 6 Ways to Get Gift Cards for Less
• Also, make sure you get the most credit card rewards you can this Cyber Monday when you use your credit card online.

Aside from the essential MYC reading you should be catching up on, there’s a whole host of interesting news stories and oddities floating around this weekend. Check out some of these stories:

FoxNews reports that retail credit cards are getting worse with less rewards and higher interest rates. (Anecdotal story: my brother-in-law told us that his Macy’s card now has NO grace period meaning he starts accruing interest the second he swipes it.) Here’s an excerpt:

CreditCards.com surveyed 35 retailers’ credit cards in 2008 and 37 retailers’ cards in 2009. Of the cards surveyed both years, 19 retailers raised their interest rates in the 2009 survey.

The changes were felt by both bargain and luxury shoppers alike. For example, Wal-Mart’s interest rate for its co-branded credit card last year ranged from 11.87 percent to 20.87 percent, whereas this year, it ranged from 13.9 percent to 22.9 percent. On the other side of the spectrum, the minimum APR for Saks Fifth Avenue’s co-branded offering was 11.99 percent in 2008 compared to 15.99 percent this year.

While many consumers saw their interest rates rise, others saw their accounts closed. Some companies, like Nordstrom, let cardholders know that their accounts would be terminated if they didn’t use them, says Hammer. Others simply shut down inactive accounts, giving customers no choice in the matter. Still other accounts were closed when retailers such as Circuit City declared bankruptcy (though cardholders with balances still had to repay their debts).

Cold hard cash is the hot new trend this shopping season. But greenbacks aren’t the only way to pay, as Money Under 30’s David Weliver shows with his very informative post on Credit Card Alternatives. In this article, David gives us the skinny on prepaids, peer-to-peer lending, rewards debit cards and secured credit cards. Find out which is good and which is bad by reading the whole article.

One big change this year for cardholders – fixed interest rates have morphed into variable APR. This definitely seems like the precipice on a slippery slope to exorbitant interest rates, but WalletBlog asks: “Is the Switch from Fixed to Variable APR a Big Deal?” Here’s a quick explanation:

The credit card companies are changing to a variable rate because if they didn’t, any increase in the prime rate would eat away at their profit margins. Having been hammered by the skyrocketing default rate, credit issuers are looking to cover themselves in any way possible while they still can. Once the prime rates increase, banks could find themselves in a lending deficit.

Think about it: If you deposit $500, and your bank lends it to someone in the form of a credit-card loan, then what happens if they’re paying you 10% interest on your deposit and they’re only charging 7% interest on the credit card loan? True, these numbers are hardly based in reality, but you get the idea. Ultimately, they know that the CARD act will prohibit them from raising interest rates on existing balances.

“Most of the variable rates are being set to prime plus a percentage and unfortunately most people don’t realize what the changes in their credit cards will be when the prime rate starts going back up” said Lita Epstein, personal finance writer.

CreditCards.com has a nice guide to buying gift cards that brings up a valid point: not all gift cards are created equally. Before you plunk down cash for store credit, ask these 5 questions about gift cards.

1. Should I buy a gift card that can be used anywhere?
2. Do I have to pay full price for the card?
3. Can I replace the card if I lose it?
4. Do I have to have the actual plastic card?
5. Can I save the recipient some money, too?

The Wall Street Journal reports that Black Friday is more than a spending orgy – it’s a petri dish for the credit card companies. Check this out:

As economic woes and unemployment have grown, however, consumer spending has slowed, eating into the fees the companies collect from transactions.

How much consumers spend during the holidays, starting Friday, will offer the card sector a window into spending trends and consumer confidence. Moreover, seasonal trends also are scrutinized because they pose additional risk: Strapped consumers who borrow more on their plastic could fall even further behind on payments.

“Retail sales numbers will give a directional view as to spending patterns on credit cards,” says Sanjay Sakhrani, an analyst at Keefe, Bruyette & Woods. “Black Friday will give us some prelude to how the holiday shopping season will pan out.”

Don’t disappoint your benevolent overlords – get out there and spend!

Seen any movies lately? If so, you’ve seen those cute PSAs from The Federal Reserve on how now to use your credit cards.  Please, please give us a review of these ads if you’ve seen them. Let us know if the Fed got through to you as well as the MPAA did. (“You wouldn’t steal a handbag…”)

Mall Madness, meet Charge Large, the board game that teaches you how to use credit cards responsibly. Wall Street Journal’s got the lowdown on this hot new trend sweeping the nation:

In Charge Large, players travel around the board, purchasing buildings and businesses with a combination of cash and credit. Up for grabs are fictional properties such as “Strong Arm Fitness Center” and “Large Ventures” — all displayed in bright fonts against a dark background. As the game goes on, players are upgraded from gold cards to platinum, platinum to black, based on how many “swipes” they make with their card. Their credit-card limits go up, yet by the end, they still have to have zero debt. The names were concocted by the two and weave in some personal details, like Merrick Mansion, an homage to Mr. Davis’s hamlet in Nassau County. Overall, the game evokes the nostalgia of big-budget bank advertising, shoulder pads and credit-card usage seemingly without consequence.

Lastly, a word of warning – Black Friday is a great time to get your credit card swiped. You heard it first from WALB:

Long lines, crowds, and distractions are the perfect mix for those looking to prey on others. Investigators say you can make it a safe holiday if you follow a few simple tips to protect your information.

It’s the calm before the storm, as millions prepare to pack malls, looking for a deal through the first of the year, but don’t let the search for a bargain make you a target.

“You can reach right into that purse from behind,” explained Captain Craig Dodd, Dougherty County Sheriff’s Office.

Got any other good links? Let us know in the comments.

Photo by NoDents

Related posts:

1. Black Friday and Cyber Monday: Get More Rewards!
2. Beat Black Friday Crowds with Price Protection
3. MasterCard, Visa (Cauldrons) to 7-Eleven (Kettle): You’re so Black
4. Know the terms & conditions!
5. Trick or Treat?: Bank of America Rolls out Basic Visa Just in Time for Halloween