Maloney Introduces Credit Card Bill Of Rights; Lending Institutions Smirk

Maloney Introduces Credit Card Bill Of Rights; Lending Institutions Smirk

The Credit Card Bill Of Rights Act, which was introduced on Thursday in the U.S. House of Representatives, would limit interest rate hikes and late fee penalties that credit card companies use to unfairly squeeze profits from customers.

http://consumerist.com/2008/02/08/consumers-are-not-being-as/

Consumers are not being as big sluts with their credit cards as they slowly discover that they have no money. [WSJ]

Why Is Bank Of America Raising Interest Rates On Its Good Customers?

Why Is Bank Of America Raising Interest Rates On Its Good Customers?

BusinessWeek has just published an article about Bank of America’s recent surprise mailings in January to some of its customers, announcing “that it would more than double their rates to as high as 28%, without giving an explanation for the increase.” These customers have good credit scores and hadn’t made any late payments, and those who called Bank of America to ask why this was happening weren’t given clear reasons. Industry experts say Bank of America has reached a “new level” of “lack of transparency in raising rates,” beyond anything Citigroup and JP Morgan Chase currently practice, because BoA is apparently using some undisclosed internal metric to determine who gets the rate hike.

Americans Struggle With The Concept Of Spending Less Than They Earn

Americans Struggle With The Concept Of Spending Less Than They Earn

“We live in a small town, and everybody looks at your clothes and what you drive and where you have your hair done,” said Ms. Gamble, who earns about $2,600 a month as a grievance counselor at a local prison.

Reach Capital One Senior Acccount Specialists

Reach Capital One Senior Acccount Specialists

800-889-9939 is the number for Capitol One’s U.S.-based Senior Customer Service reps. They take escalated calls for credit limit increases, fee waivers, account term changes, or interest rate decreases.

http://consumerist.com/2008/02/05/the-notoriously-easy-to-hack/

The notoriously easy to hack NYC taxi credit card machines are now slightly more secure. [Gothamist]

Capital One Won't Really Close Your Credit Card, Will Secretly Continue To Bill You

Capital One Won't Really Close Your Credit Card, Will Secretly Continue To Bill You

When Capital One “closes” your credit card account, they’ll continue to allow automatic withdrawals even though the account is closed. But they won’t send you a statement—you know, because it’s closed!—so that you’ll end up with late fees. Quenten experienced this first hand when he closed his account recently, and now Capital One has sent his account to collections over a $38.00 late fee for two 38-cent charges that he never knew about.

Banks Get Stingier With Credit Cards

Banks Get Stingier With Credit Cards

Rising defaults and people behind on their payments have credit card companies retreating from the marketing and lending orgy of the past few years. Here’s what the different banks are doing to shore up their positions:

Online Bank Cancels Cards On "Risky" Customers

Online Bank Cancels Cards On "Risky" Customers

Egg, a Citibank-owned online bank in the UK, announced this past weekend that it’s canceling the accounts of 161,000 of its customers after “conducting a one-off, extensive risk review.”

Burger King Lets You Charge Your Whopper

Burger King Lets You Charge Your Whopper

We know that technically it’s a great thing that you have multiple options to pay for your food at Burger King, but this is just a little too sign-of-the-times, and it makes us sad. Somewhere out there is a guy who’s still paying off the Whopper he ate in June.

$100 iPhone Credit Mysteriously Evaporates

$100 iPhone Credit Mysteriously Evaporates

Dawn writes to tell us that she and her husband both received the $100 iPhone credits last fall, but when she tried to use them on December 4th she discovered one of the credits had a zero balance. An Apple CSR told her to go ahead and make her purchase without it, and the $100 would be credited immediately to her Visa. Unfortunately, she took his advice.

Don't Want RFID On Your Plastic? Call Your Credit Card Company

Don't Want RFID On Your Plastic? Call Your Credit Card Company

There’s all sorts of advice online about how to disable RFID chips and tags, and now that they’re starting to show up uninvited on credit cards, you might be tempted to try some of those tactics. But as a reader found out, many credit card issuers will simply swap out your newfangled RFID-enabled card for a traditional one if you just ask.

Have A Best Buy Card? Check Your Local Store Before Using It Online

Have A Best Buy Card? Check Your Local Store Before Using It Online

Matt writes in with a tip if you’re unlucky enough to have a Best Buy credit card and plan on using it any time soon: check whether the brick and mortar store near you has any special promotions running first. If so, buy the item from their store instead of online or you’ll be bound by Best Buy’s 90 days same-as-cash terms regardless of whether or not the store is offering a better deal.

Misplaced Poster Reminds You To "Generate Many Millions of Dollars" For JetBlue

Misplaced Poster Reminds You To "Generate Many Millions of Dollars" For JetBlue

My girlfriend and I had a layover at JFK last week. While I was waiting for her in the bathroom I started reading a poster that seemed to be prompting me to get a JetBlue American Express card.

Save On Medical Expenses With Healthcare Credit Cards

Save On Medical Expenses With Healthcare Credit Cards

Citibank and Bank of America both offer special credit card programs based on health and medical expenses. If you’re disciplined about not carrying revolving debt, and you have recurring medical expenses, they can help reduce your total cost over a year. Bank of America’s cards are point-based programs—if you’ve got Aetna insurance, you can accumulate points that you can turn into “cash direct deposits to a health savings account, or other standard rewards.” Caremark members can redeem points for awards only, although BoA’s standard awards catalogue “includes health and wellness products like fitness equipment and blood pressure monitors.”

Credit Card APR Magically Raises From 7.99% To 21.99%

Credit Card APR Magically Raises From 7.99% To 21.99%

I keep reading and it says that I can “reject this amendment” by doing so in writing by 2/29/2008.

6 Reasons To Keep More Than One Credit Card

6 Reasons To Keep More Than One Credit Card

Keeping a second credit card won’t lead to financial ruin, and may prove useful in several situations. Bankrate offers six reasons to stash away a spare card.

Missing Data On 650,000 Customers Related To Credit Card Fraud Surge?

Missing Data On 650,000 Customers Related To Credit Card Fraud Surge?

On Tuesday we speculated that the surge in credit card fraud and forcible card reissues our readers have been reporting to us were the result of a recently discovered breach at a “major retailer,” and now GE Money Bank reported that the data of over 650,000 customers of JC Penney and hundreds of other retail stores is missing. Are these two events related? The official line is no. GE Money Bank says the data, which was stored on magnetic tapes, “was created in such a manner to make unauthorized access extremely unlikely and difficult, even for experts with specialized knowledge and technology.” But guess what?