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Archive for the 'General' Category
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First Phase of New Credit Card Law Takes Effect Today
Thursday, August 20th, 2009The first part of the Credit Card Accountability Responsibility and Disclosure Act of 2009 takes effect today. Under the new law: Issuers must give 45 days of warning before rate or fee increases, instead of 15 days Statements must be mailed 21 days in advance of the bill’s due date, instead of 14 Banks must [...]
The Exodus of Credit Card Arbitration Firms
Friday, July 24th, 2009After coming under attack over whether their processes were fair, two large arbitration firms, the American Arbitration Association (AAA) and the National Arbitration Forum (NAF), recently said they were suspending their credit card arbitration activities. This could lead to more options for consumers.
Are Fixed Rate Credit Cards Doomed?
Thursday, July 9th, 2009In recent months, several of the largest credit card issuers have begun the process of transitioning customers who carry fixed rate credit cards to variable rate cards. Does this mean that the days of fixed rate credit cards are near an end?
Have Credit Card Debt? It’s Time to Make a Deal
Wednesday, June 24th, 2009Both consumers and banks are continuing to feel the economic pinch, as credit card chargeoffs rose to over 10% for the first time ever. According to Moody’s, their chargeoff rate index rose to 10.62% in May versus 9.97% in April. In addition, TransUnion reports that 1.32% of credit card users were at least 90 days [...]
Obama Signs Credit Card Reform Bill
Friday, May 22nd, 2009New credit card rules designed to protect consumers from being charged excessive fees and rates without warning were signed into law today by President Obama. While many of the changes in the The Credit Card Accountability Responsibility and Disclosure Act were already put into place by the Federal Reserve in December, those rules weren’t set [...]
Banks Continue to Hike Rates, Fees
Tuesday, April 28th, 2009Based on a survey of the ten largest banks in the ten largest markets, Bankrate.com found that credit card interest rates continue to climb. Overall, the survey found that the average APR of variable interest rate cards rose from 10.70% to 10.78%. The segment that experienced the highest rate increase was low-interest rate credit cards, [...]
Massive Theft of Credit Card Numbers Reported
Thursday, January 22nd, 2009In what is likely to be the largest data breach ever reported, Heartland Payment Systems, the sixth-largest credit card processor in the US, announced on Tuesday that its computer systems had been compromised and millions of credit card numbers had been exposed. While Heartland says that it has closed the security hole, it is not [...]
Feds Approve Rule to Curb Unfair or Deceptive Credit Card Practices
Thursday, December 18th, 2008As expected, federal regulators have approved a rule aiming to stop “unfair or deceptive” credit card practices. The Office of Thrift Supervision, Federal Reserve and National Credit Union Administration today approved a rule set to take effect in July 2010 that restricts issuers’ ability to raise interest rates and how they apply payments to existing [...]
Ring in the New Year… with More Credit Card Fees
Monday, November 24th, 2008Facing the greatest financial crisis of the generation, lenders are taking a number of actions to mitigate their risk. In addition to slashing credit limits, credit card issuers are reacting by aggressively closing inactive accounts, hiking rates and fees, and even completely eliminating balance transfers and convenience checks. As the end of the year nears, [...]
Foreign Bank to Issue a Diamond Studded Credit Card
Sunday, November 9th, 2008Citi has its Diamond Preferred Credit Card and every bank has a gold card, but leave it to Kazakhstan–the home of fictitious journalist Borat–to actually put diamonds and gold in a credit card.
