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(jm3)
Credit Card Interest Rates Hit 9-Year High. Thanks, CARD Act!
By Ben Popken on August 24, 2010 1:00 PM
98 Comments
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 »
(dooley)
3 Credit Card Act Protections Went Live Sunday
By Ben Popken on August 23, 2010 12:00 PM
30 Comments
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 »
(lu_lu)
Your Credit Card APR Might Fall Starting This Sunday
By Ben Popken on August 18, 2010 1:00 PM
45 Comments
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 Phil Villarreal on August 16, 2010 3:15 PM
60 Comments
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 Ben Popken on August 10, 2010 1:00 PM
46 Comments
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 »
(ian)
When It Comes To Overdraft Opt-In, Chase Won't Take No For An Answer
By Phil Villarreal on August 6, 2010 9:45 AM
57 Comments
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 Ben Popken on July 12, 2010 2:00 PM
29 Comments
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 Ben Popken on June 22, 2010 4:00 PM
8 Comments
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 Marc Perton on June 15, 2010 7:40 PM
37 Comments
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 Ben Popken on June 14, 2010 6:19 PM
82 Comments
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 »
(erocsid)
Late Payments Are Dropping Thanks In Part To The CARD Act
By Chris Walters on May 17, 2010 12:36 PM
18 Comments
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 »
(bixentro)
Reach Citi's Executive Response Unit
By Ben Popken on May 14, 2010 12:20 PM
1 Comment
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 Ben Popken on April 12, 2010 11:00 AM
29 Comments
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.
Fed Makes Sure Gift Cards Are Still A Bad Deal
By Marc Perton on March 24, 2010 9:33 AM
23 Comments
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 Phil Villarreal on March 2, 2010 8:30 AM
30 Comments
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 »
(webchick)
Credit Card Companies Target Goody Two-Shoes
By Ben Popken on February 22, 2010 7:39 PM
66 Comments
Like the nerdy girl in the movies who loses her glasses and gets a new haircut and all of a sudden she's popular, consumers who pay off their credit card bills in full every month may soon find themselves the center of some unexpected courting. More »
Let's Ask BillShrink About Credit Cards Under The CARD Act
I spoke with Samir Kothari, the co-founder and vice president of products at BillShrink.com, to see what he thinks about the CARD Act and how it will change the credit card marketplace. More »
By Chris Walters on February 22, 2010 3:58 PM
22 Comments
Greg wrote to us and said that he's in the market for a new credit card: "I canceled my Chase card because they raised my interest rate to 29.99% + prime. What credit card companies should I be looking at for a replacement card? What are their perks, their drawbacks?" I spoke with Samir Kothari, the co-founder and vice president of products at BillShrink.com, to see what he thinks about the CARD Act and how it will change the credit card marketplace. More »
Bank Of America Only Lends You Money When You Have No Income
By Meg Marco on February 22, 2010 1:37 PM
49 Comments
Reader James writes in with a story we hear a lot lately. During the run up to the credit meltdown --Bank of America kept raising James' limit. He ran up a balance while caring for someone who eventually died -- and now that he has paid off his debt, his limit has been cut. In the long run, however, he feels that he's better off without credit cards. More »
What Changes Should You Expect From The CARD Act?
By Chris Morran on February 22, 2010 9:28 AM
52 Comments
After several months of waiting (during which, banks have had plenty of time to jack up your interest rates and cut your credit limits), the Credit CARD Act of 2009 has finally kicked in. If you haven't been following the news, here's a quick run-down of what's changed and what hasn't. More »
I Canceled My Chase Account Twice, But They Keep Contacting Me
By Phil Villarreal on February 22, 2010 8:00 AM
17 Comments
Charles says he first canceled his Chase credit card in 2008, but was surprised to find it was still open a year later. He canceled it again, but Chase kept hassling him with mailings, and when he called to see what was up he was told the company was keeping in contact with old customers to comply with the CARD act. More »
