Consumerist reader Andrea has had checking and credit card accounts at Wells Fargo for several years, but she recently noticed that somewhere along the line the bank had enrolled her in something called “Credit Defense,” which has been quietly siphoning off a small percentage-based fee every month. And even though Wells could offer no proof that Andrea had ever opted into the program, the bank would not refund her money. [More]
Wells Fargo Has Been Billing Me For "Credit Defense" Program I Never Signed Up For
By April 27, 2012
Visa Shuts Down Your Credit Card, Figures You'll Find Out Eventually
By April 25, 2012
If you try to use your credit or debit card and find that it’s been abruptly shut down, thank your bank. They’ve proactively shut down your compromised card, theoretically saving you from a cascade of fraudulent charges. So that’s nice. But what bothered Scott when this happened to him is that no one called him to give him a heads up. [More]
Some NY Gas Stations Adding $2/Gallon Credit Card Fee
By April 24, 2012
It’s no secret that gas stations all around the country sometimes tack on the cost of credit card processing for fuel payments. And while you may be willing to pay a few cents more per gallon pumped, some stations in New York are reportedly charging credit card customers a few dollars more per gallon of gas. [More]
HSBC's Credit Card Policies Feel Like 1994 All Over Again
By April 19, 2012
Victor knows that shopping at Best Buy isn’t a popular choice around here, but he really likes getting 4% back in Reward Zone points to spend on even more stuff at Best Buy. That does sound pretty sweet. In this situation, his actual beef is with HSBC, the bank that runs Best Buy’s credit cards. He made some big purchases, then made an electronic payment from his bank account to pay off the balance. Now there’s a mysterious hold on the account, and he can’t use the card. Turns out that large electronic payments are “held” for eleven days to make sure everything clears. Longer than it would take with a paper check. Unable to make any more purchases with his card, Victor just went and bought his iPad 3 somewhere else. Darn. [More]
J. Crew Divides Rewards Points Between Me And Evil Twin
By April 18, 2012
Julie has a secret evil twin with the same name. That’s the only possible explanation for why her favorite store, J. Crew, has decided to split her reward points between two different accounts, neither of which receives enough points to get actual rewards. She wrote to Consumerist not only to complain, but to find out whether there are other customers experiencing the same problem. [More]
CFPB In Charge Of Reversing & Revising Rule That Limited Credit Card Fees
By April 13, 2012
The bad news is the Consumer Financial Protection Bureau has to reverse a rule that capped credit card fees associated with opening a new credit card, but the good news is they’re asking for public comment while they revise it. [More]
What Not To Do With Your Credit Cards
By April 5, 2012
Credit cards are tools that can make your life easier and give you more financial power, but they also provide a quick path to financial ruin. It’s important to use common sense when wielding the massive buying power that plastic provides, especially if you’ve just started using credit. [More]
Customers Pay Off Bank Of America Credit Cards, Get Sent To Collections Anyway
By March 30, 2012
Over at AmericanBanker.com, there is the story of a Maryland woman who spent several years fending off debt collectors even though she had proof in writing that the Bank of America credit card account in question had already been paid off. And in a related investigation, it looks like she may be one of many BofA customers to end up in such a trap. [More]
Paying For Gas With A Credit Card? $1 Extra Per Gallon, Please
By March 16, 2012
It’s not legal for a store to charge an extra fee or percentage when customers pay by credit card, but it is legal to offer a discount to customers who pay in cash. Great. The flaw in this plan is that, at least in New York state, there aren’t any laws regulating how big that discount can be. Which is why some Long Island gas station operators recently hiked the price per gallon of gas a dollar, then offered a one-dollar discount to customers who pay cash. [More]
Ask For Your Deposit Back, Capital One Hangs Up On You
By March 16, 2012
Seeking to build his credit and be all responsible and stuff, Matt got a secured credit card from Capital One. If you’re not familiar with the concept, that’s a type of credit card where the creditor is… well, you. You deposit, say, $500 with the credit card issuer, and that gives you a spending limit of $500 or a little more. A good repayment history with this card will help build or rebuild your credit when you’re not able to get another card. And when you have good enough credit to move on and shut down the card, you get that deposit back. In theory, anyway. [More]
Feds Probing Chase On Credit Card Collection Practices
By March 13, 2012
Following the lead of whistleblowers, the Office of the Comptroller of the Currency has reportedly been investigating JPMorgan Chase over allegations that, over the course of at least two years, the bank used inaccurate records when suing thousands of delinquent credit card customers. [More]
Scare Yourself Into Paying Off Your Credit Cards With This Tool
By March 5, 2012
If you’re accustomed to paying just the minimum payment on your credit card bills each month, you might change your ways if you discover how long it will take you to get rid of your debt. [More]
Tips For Haggling With Credit Card Companies Over Debt Mountains
By March 1, 2012
If you’ve buried yourself in credit card debt and are strangled by your payments, you can try to work out a better deal by negotiating with the companies you owe. Some smooth talking might net you lower rates, more manageable payments and more time to pay up. [More]
Chase Puts Stop-Payment On Its Own Check, Tells Customer To Suck Up The Fee
By February 23, 2012
When there’s some miscommunication between your bank and your credit card company, you would hope that the two parties could act like professionals and sort it out — especially if they’re both part of the same financial institution. But that’s apparently not the case with Chase. [More]
When To Keep Your Credit Cards Safely In Your Wallet
By February 22, 2012
Yesterday we addressed reasons you shouldn’t use a credit card to pay your taxes, and there are several other situations in which personal finance experts recommend keeping your cards holstered. Fees, interest charges and security pitfalls are reasons to opt for other methods of payment. [More]
Why You Probably Shouldn't Use A Credit Card To Pay Your Taxes
By February 21, 2012
As the deadline for filing your federal tax return draws near, so does the anxiety of how you’re going to pay Uncle Sam the money you owe. If you can’t write a check for the full amount, the simplest and fastest way could be to put it on your credit card. But that’s probably not a good idea. [More]
How The Different Credit Card Issuers & Networks Handle Chargebacks
By February 21, 2012
Whenever someone has a dispute with a merchant over a credit card charge, we always suggest they attempt to issue a chargeback through their credit provider. But not all card issuers and credit card networks handle chargebacks in the exact same way. [More]
Don't Fall Into The Credit Card Balance Transfer Trap
By February 14, 2012
If you’re holding a hefty balance on your credit card at a double-digit interest rate, it might be tempting to apply for that new credit card promising you 0% interest on balance transfers for anywhere from 12 to 18 months. While it’s definitely a sound idea to pay less interest, don’t be tempted into behavior that will only lead you into deeper debt. [More]
