College Kids Get Hooked On Debit Cards Connected To Student Loans Rather Than Credit Cards

College Kids Get Hooked On Debit Cards Connected To Student Loans Rather Than Credit Cards

Credit card reforms may have made it more difficult for banks to exploit college students, but it turns out there is more than one way to turn an unsuspecting post-adolescent into a debt monkey. The trick is to issue students debit cards that run up their student loans rather than over-regulated credit cards. [More]

Credit Card Interest Rates Hit 9-Year High. Thanks, CARD Act!

Credit Card Interest Rates Hit 9-Year High. Thanks, CARD Act!

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]

VIDEO: The Daily Show On Credit Card Reform

VIDEO: The Daily Show On Credit Card Reform

When you are a major national bank, and your fees and policies compare unfavorably to those of a Mafia loan shark, you’re probably in trouble. To celebrate the CARD Act going into effect on Monday, last night “The Daily Show with Jon Stewart” gave their audience a quick overview of how credit cards work. (“Or maybe they’ll just give you a rate hike of 30% for no reason at all. Why? F*** you, that’s why!”) Then correspondent Wyatt Cenac spoke with two people who have unique insights into how the American lending industry works: former Bank of America credit collections CSR, YouTube star, and Consumerist hero Jackie, and former Mafia loan shark Lou. [More]

Banks Ring In 2010 With Exciting New Fees

Banks Ring In 2010 With Exciting New Fees

New laws and rules affecting banks and credit card issuers go into effect soon, depriving them of their badly needed profits. Since sudden rate hikes and cascading overdraft fees are soon to be things of the past, bankers are busy formulating creative new fees. Here’s what you have to look forward to in the new year. [More]

Help! My Credit Card Is Adding An Annual Fee!

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?

Banks Introduce Comprehensible Credit Cards Before Reforms Apply

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.

Should Kids Have Credit Cards?

Should Kids Have Credit Cards?

Should children have credit cards? Let’s ask ‘em!

http://consumerist.com/2009/08/20/hello-credit-card-reform/

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]

Chase Cancels Your Credit Cards With No Notification

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.

Guess Who May Be Footing The Bill For Credit Card Reform — It's Not The Octopus

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.

Have Your Say About 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?

Banks To "Earn" $38.5 Billion From Overdrafts This Year

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!

Study Of Credit Unions Indicates CARD Act Will Benefit Consumers

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.

Video: Comedic Rendering Of Banks' Reaction To The CARD Act

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.

http://consumerist.com/2009/05/28/get-answers-to-your-credit-card/

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]

CARD Act Includes Limits On Not-So-Free Credit Report Ads

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.

Recap: Ben & Meg Interview Obama Administration On Credit Card Reform

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…

President To Sign CARD Act This Afternoon

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)