Consumerist
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overlimit fees
Update: Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!
Here's the straight scoop on what's up with the story in that "Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!" post. More » -
overlimit fees
Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!
Everett says Capital One called him up and made him an offer. If he opted out of at least one of the consumer credit protections enacted by the CARD act, Capital One would drop the overlimit fees from $39 to $29! Woo! More » -
credit cards
BillShrink Says Credit Card Companies Are Far From Reformed
Credit Card companies, which must shape up Dec. 1 in order to comply with government-mandated reforms, aren't exactly rushing to shape up, reports BillShrink, a site that lets you compare credit cards, cell phone plans and other services. More » -
lack of interest
BofA Pledges To Stop Raising Credit Card Interest Rates
The AP reports Bank of America has promised to stop jacking up interest rates on credit cards with fixed interest rates. But that doesn't mean your rate won't jump. More » -
discover
Discover Vastly Improves T&C But Reduces Open Road Rebates
Discover Card customers received a notice in the mail recently that the card was reducing the "Open Road" rebate on auto maintenance and gas dropped from 5% to 2%. Around the same time, customers have also received notice that the terms and conditions for the card are basically coming in line with the CARD act ahead of schedule. Hmmm, coinkydink? More » -
credit cards
Banks Introduce Comprehensible Credit Cards Before Reforms Apply
Instead of waiting around for the CARD act, which restricts the ways they are allowed to squeeze money from customers, some banks are introducing simpler, CARD-compliant credit cards meant to be less confusing to consumers, and maybe make us all hate the credit card industry a little less. More » -
Hello, credit card reform! The first pieces of the CARD Act went into effect today. Card issuers must now allow customers to opt out of some changes to their cards, mail bills at least 21 days before the due date, and give 45 days' notice of all changes in interest rates or fees. [Consumer Reports Money]
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credit cards
Credit Card Limit Cuts May Lower Your Credit Score
As credit card companies hedge their economic bets by lowering customers' credit limits, they're also hobbling their credit scores. More » -
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amex
AMEX Blue Raises Rates, Also On Past Balances, And Won't Let You Opt-Out
Starting Oct 1, AMEX Blue is raising rates on all customers, INCLUDING on OLD balances, AND they are telling customers that you can't just opt out and cancel the card (like normal). Turns out that opt-out we all took for granted was only by the credit card companies' good graces.
More »
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credit cards
AmEx, Discover Ditch Overlimit Fees
American Express and Discover will no longer bill customers who exceed their credit limits, according to company spokespeople. The creditors aren't eliminating the fees because they care about their customers. No, they're providing what American Banker calls "the first concrete examples of how a new law will restrict issuers' abilities to turn a profit." The new CARD Act that Congress passed in May requires consumers to opt-in before they can exceed their credit limits. Since overlimit fees, which can reach $39, aren't very profitable for creditors, they decided to ditch the fees altogether. More » -
insiders
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:
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credit card reform
Guess Who May Be Footing The Bill For Credit Card Reform — It's Not The Octopus
Although conventional wisdom and, hell, a Harvard study on the credit card reform to be brought about in the CARD act says the changes will help out Joe MasterCard, the prognosis for credit card victims — er, customers — isn't all rosy. More » -
credit cards
Study Of Credit Unions Indicates CARD Act Will Benefit Consumers
Two Harvard doctoral students in economics compared how credit unions and banks operated their credit card divisions, and concluded that the recent CARD act "is likely to bring about moderate, and even positive, changes," as banks begin to emulate parts of the fairer business model of credit unions. Specifically, they say, all the doom and gloom from the banking industry about how consumers will get shafted by the new rules is mostly fearmongering. More » -
Should you co-sign for your teenager's credit card? The CARD act makes it more difficult for credit card companies to extend credit to people under 21 who don't have their own independent income. Should you co-sign so that your kid can get a card anyway? Michelle Singletary of the Washington Post says, "No." [Washington Post via Public Citizen] (Photo:foundphotoslj)
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profit goggles
Are You A Deadbeat? Suddenly You're Attractive To Card Companies Again
"Revolvers"—customers who keep a revolving balance on their credit cards—used to be the cash crop for credit card companies. But now more and more of them are turning into expensive charge-offs, and the new CARD act is going to make it harder to acquire those riskier customers anyway. As a result, card companies are beginning to look more closely at the customer who was most hated back in the credit-orgy years: the deadbeat. More » -
credit card reform
Video: Comedic Rendering Of Banks' Reaction To The CARD Act
From FunnyOrDie.com, here's a comedic rendering of what credit card companies' reaction to the CARD Act must have been like. Warning: language and content not safe for work, children, or people who don't like steak. More » -
credit card reform
Here's How The CARD Act Will Actually Change Credit Cards
Bob Sullivan at MSNBC—who coincidentally was one of the speakers at our event last night—has published a list of myths and facts about the new credit card bill. His article dispels some of the misinformation that's out there right now about just what the act does, and what card companies are going to do in retaliation. More » -
the gift that never stops taking
Your Visa Gift Card Will Self-Destruct If Used Within 24 Hours
Stephanie bought a $100 Vanilla Visa gift card at her local CVS in Richmond, VA. She went right home and tried to use it to make some purchases online. When the card was declined, she studied the fine print that came with the card: "Funds may not be available for 24 hours after purchase." So she waited the 24 hours and tried it again the next day. Still no luck. When she called the customer service number she was told to go back to CVS. At CVS, a manager told Stephanie (and apparently many others before her) that by using the card within 24 hours she had rendered her card agreement invalid. Bang, there goes $100. More »
CARD act
New York, 3:08 PM
Sun Nov 8
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