Between interest rates, rewards, balance transfers and fees, there are lots of places for banks to hide information that might drive a potential credit card customer away. But a new study looked at the country’s top 10 credit card issuers to determine which companies are hiding the least from consumers. And you might be surprised at who came out on top. [More]
Which Credit Card Applications Are Trying To Hide The Least Info From You?
By August 14, 2012
Small Business Credit Cards Come With Risks That Your Personal Card Doesn't
By May 18, 2011
In spite of the “small business” name, there is nothing about most so-called small business credit cards that requires the cardholder to actually own or operate a business. In fact, over a five year period ending last December, credit card companies sent out more than 2.6 billion business card offers to regular Janes and Joes in the U.S. But while these cards are available to the everyday consumer, they do not come with all the protections associated with non-business credit cards. [More]
Fed Clamps Down On Credit Card Loopholes
By November 5, 2010
To shut down “fee harvesters” and other crafty tricks credit cards cooked up to escape the CARD act, the Federal Reserve has proposed three ways to tighten and clarify the rules. [More]
Credit Card Interest Rates Hit 9-Year High. Thanks, CARD Act!
By August 24, 2010
Average interest rates have hit a new 9-year high of 14.7%, and we have credit card reform to thank for that. Por-kay? Unable to keep soaking you on the backend with hidden fees, tricks, and traps, issuers now have to push their profit-taking to the fore. [More]
3 Credit Card Act Protections Went Live Sunday
By August 23, 2010
Three of the provisions of the CARD Act, the legislation passed this year to improve consumer protection in the credit card arena, went into effect yesterday. Here’s what you need to know to sound smart around the water cooler: [More]
Your Credit Card APR Might Fall Starting This Sunday
By August 18, 2010
Some Americans might be getting a break on their credit card interest rates very soon. [More]
Look Out For These Fees As Bank Legislation Goes Into Full Effect
By August 16, 2010
This is the first business day financial institutions have been required to give existing checking account customers the choice to opt in to overdraft protection. Since banks are looking for ways to make up for the lost revenue by sticking it to customers in other ways, they’ve dreamed up some new ways to trick you out of your money. [More]
Banks Told To Target Financially Unsavvy For Overdraft Reup
By August 10, 2010
Consulting firms are telling banks to hone in on the financially precarious to sign back up for costly overdraft protection that will only further erode their bank account. Here are some quotes from their strategies: [More]
When It Comes To Overdraft Opt-In, Chase Won't Take No For An Answer
By August 6, 2010
According to Robert, Chase is taking the Steve Urkel approach to persuasion, asking him again and again if he would like to partake in its delicious overdraft protection, brushing off his continuous “no” answers as Steve always did to Laura in Family Matters. [More]
TD Ratchets Up Overdraft Opt-In Push With Pop-Up Scare Tactics
By July 12, 2010
TD Bank is really stepping up its efforts to try to get customers to sign back up for “overdraft protection,” which really just protects their right to charge you $35 if you want to buy a $2.00 candy bar and only have a $1 in your account. Now they’re greeting customers accessing their accounts online with pop-up ads trying to scare them into agreeing to signing up for the service. [More]
Hunt Down Your Credit Card Contract Online
By June 22, 2010
Hey, you can now look up your credit card contract online. There’s a searchable database over at the Federal Reserve that lets you check them out in both text and PDF form. [More]
New Rules To Cap Credit Card Late Fees At $25
By June 15, 2010
New rules announced today will take some of the sting out of those penalties that hit you when you don’t pay your credit card bill on time. Most fees will be capped at $25, regardless of your balance, and can be much lower in some cases. If your minimum payment is $10 and you’re late, your late fee can’t go above $10. [More]
How Card Issuers Sneak Around New Laws
By June 14, 2010
Crafty credit card issuers aren’t going to let a little thing like the law get in the way of their profits. Nope, they’re finding creative ways to get around the pro-consumer CARD act and maintain their grip on your pocketbook. [More]
Late Payments Are Dropping Thanks In Part To The CARD Act
By May 17, 2010
Banks and card issuers warned against the credit card reforms that went into effect a few months back, but so far it’s been a good thing for consumers, according to new delinquency numbers. [More]
Reach Citi's Executive Response Unit
By May 14, 2010
They say you can only bang your head against a wall for so long. If that describes where you’re at with a stuck Citi customer service issue, and you’ve tried and failed with customer service reps and supervisors, consider dialing this secret phone number for their executive response unit. Warning: Break Glass Only In Case Of Emergency. [More]
Tell Your Senator To Rollback Unfair Interest Rate Hikes
By April 12, 2010
Before a new law went into effect in February to clamp down on their abusive tactics, credit card companies jacked up interest rates, putting the squeeze on already strapped consumers. But that same law can still help as. In it, Congress told the banks to review those spiked rates, and, for responsible cardholders, bring them back down to normal levels. Of course, the banks are working feverishly to make sure they don’t have to live up to the law. As the Senate considers Regulation Z; Docket R-1384, be sure to grab their ear and say hey! Gimmie back my rates! Contact your rep now. [More]
Fed Makes Sure Gift Cards Are Still A Bad Deal
By March 24, 2010
When the CARD Act went into effect in February, it also included new rules designed to limit some of the more egregious practices of gift-card issuers, like early expiration dates and “dormancy” fees. However, Congress put the Federal Reserve in charge of interpreting the new law, and yesterday the agency unwrapped its new collection of rules. Is it too late to return this one? [More]
Come September, Freecreditreport.com Must Come Clean In Ads
By March 2, 2010
If you really love those Freecreditreport.com commercials just the way they are, take this next half year to pause and reflect on what they mean to you, because in September, the Huffington Post reports, owner Experian will have to start telling people their side business isn’t the real way to get free annual credit reports from the government. We had this story last year, but in the wake of CARD act reforms, it bears repeating. [More]
