Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents

Long-Awaited Fed Ruling Caps Swipe Fees At 21 Cents

The Federal Reserve unveiled its ruling today on the fees banks can charge merchants for processing debit cards at 21 cents a swipe. The cap is far less restrictive than the 12 cent ceiling set by the Dodd-Frank bill, but is still less than the current 44 cent average. It’s uncertain how this will affect the consumer. [More]

How Credit Cards Are Getting Meaner

How Credit Cards Are Getting Meaner

What’s going on inside the minds of credit card companies now that the CARD credit card reform act is coming down the pike? A customer service supervisor for a major credit card company emailed us to give us the low-down: reduced grace periods, cutting credit lines, increased fees on balance transfers, and, of course, jacked up APRs. Here’s the details:

Bankers Threaten To Punish "Good" Cardholders If Reforms Pass

Bankers Threaten To Punish "Good" Cardholders If Reforms Pass

NYT: Bankers are warning they’re going to have to “mean up” credit cards if the reforms expected to get voted on today go through. Among the ways people who pay off their bills in full every month and always follow the rules might get dinged:

Bankers' Letter To Senate Against Credit Card Reform

Bankers' Letter To Senate Against Credit Card Reform

The American Bankers Association sent a letter to Senators yesterday to voice their opposition to the credit card reform act. Their big thing is they say the bill will make it so there’s less credit available, and it will cost consumers more. Definitely something worth bringing up when we interview Austan Goolsbee, senior economic adviser to Obama, in DC tomorrow. Here’s the letter:

Bankers Say "Whoa There" To Credit Card Reform

Bankers Say "Whoa There" To Credit Card Reform

Credit card reform is bad, says the American Bankers Association, an industry trade group. The ABA sent a letter around to Senators on Tuesday warning against credit card reform. They say that new regulation will mean credit card companies will have to cut off credit to some consumers completely “when they need it most.”