Consumerist
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annual fees
Help! My Credit Card Is Adding An Annual Fee!
Michael is in a situation that we anticipate will become very, very common in the coming months. His credit card company has imposed a $99 annual fee. He can accept the fee, or close his account. Not only is this his only credit card, but it's the oldest credit line he has, so closing it would hurt his credit score. What would you do? 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 » -
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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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surprise!
Chase Cancels Your Credit Cards With No Notification
If you have any Chase credit cards, call to make sure they haven't been canceled out from under you with no notice. Huh? Are credit card companies allowed to do that? Don't be silly. Of course they are. More » -
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 card reform
Have Your Say About Credit Card Reform
We've been keeping you posted about the progress of credit card reform, and sharing stories of readers who have already been affected by credit card companies' policy changes. Now the nice folks at Consumers Union want to hear about what kinds of stunts credit card companies are trying to pull on their customers. Won't you share your stories with them? More » -
nice work if you can get it
Banks To "Earn" $38.5 Billion From Overdrafts This Year
Consumers aren't the only ones looking to save money and gain a little extra cash on the side. Banks are people too, you know! In the face of toxic assets and credit card delinquencies, they've come up with a plan to increase their revenue: New fees! Higher fees! Higher minimum balance requirements! Trickier overdrafts! More » -
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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 » -
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 » -
Get answers to your credit-card reform questions. We'd like to think we've already answered just about any question you may have about the new credit card reform law. But just in case, the experts at Consumers Union are on hand to cover anything we might have missed. Post your questions on their DefendYourDollars site, and they'll do their best to provide an answer. [DefendYourDollars]
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credit card reform
CARD Act Includes Limits On Not-So-Free Credit Report Ads
A less-reported provision of the CARD Act, the credit card reform bill signed by President Obama on Friday, puts limits on ads promoting that old Consumerist nemesis, "free" credit reports.
The law calls for the Federal Trade Commission to issue new rules that will force free credit report advertisers to inform consumers that the only place for a free credit report is AnnualCreditReport.com.
Television and radio ads will also be required to include a pretty deflating statement: "This is not the free credit report provided for by Federal law."
YAY! Wait, though. That's not the funny part. More »
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videos
Recap: Ben & Meg Interview Obama Administration On Credit Card Reform
Here, catch all of our interview with Austan Goolsbee breaking down why the credit card reform act was needed. If you missed any of the clips, here's is the four-part series in its entirety...
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2:21 PM on Fri May 22 2009
By Ben Popken
5,264 views, 36 comments -
credit card reform
President To Sign CARD Act This Afternoon
President Obama is poised to sign the Credit Card Accountability Responsibility and Disclosure (CARD) Act this afternoon. Everyone celebrate by buying lots of steaks and hot dogs and fireworks this weekend. In cash. [AP] (Photo: northernplateguy) -
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 » -
videos
Consumerist Interviews Goolsbee On Credit Card Reform: Part 4 of 4
The final installment of our 4-part interview on credit card reform with Austan Goolsbee, President Obama's senior economic adviser. In this one we say, hey, what about mandatory binding arbitration?
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10:47 AM on Wed May 20 2009
By Ben Popken
2,858 views, 24 commentsMost discussed Bladefist: Obama doesn't need a credit card, he prints his money more »
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credit cards
Credit Card Company Threats Don't Scare Consumerist Readers
When we wrote earlier about credit card companies' threats to treat customers even worse in light of Congress passing credit card reform legislation, it ignited a righteous firestorm of consumer rage in the comments. Inside, our favorites. More » -
credit card reform
Credit Card Reform Bill Passes With Guts Intact
NYT: It sounds like most of the good stuff stayed in the Senate Credit Card Reform bill: More »
credit card reform
New York, 9:23 PM
Sun Nov 22
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