Nationally syndicated personal finance columnist Michelle Singletary thinks you’re a sucker for using your credit cards, even if you pay off your bills in full each month.
credit
Banana Republic Sends You A Mysterious Visa Credit Card After You Opted Out
By 5.16.08
Reader Tim says that Banana Republic sent him a Visa after he opted out of the program and that the card’s mailer was misleading (it looked like a replacement for his regular Banana Republic card, not a new “optional” Visa account) and didn’t disclose important details… like the card’s interest rate.
Target's Super Secret Return Policy
By 4.30.08
Consumer Reports tells us that Target’s strict “No receipt, No return” policy has an “unadvertised” loophole — you can return items of less than $20 for store credit. The catch? You can only do this twice a year.
Revenues From Bank Fees Up 41% Over Last 4 Years
By 4.30.08 — Updated: 11.1.12
LowCards.com points out that fees are a huge source of revenue for credit card companies these days—they’ve gone from $12.8 billion in 2003 to $18.1 billion in 2007, an increase of 41% in 4 years.
FreeCreditReport.com Doesn't Practice Good Security Hygiene
By 4.25.08
You’d think a credit monitoring service—even one as skeevy as freecreditreport.com—would take great pains to keep up the appearance of security and confidentiality. You’d be wrong. When Brian called to cancel their service he was asked to call out his social security number and his mother’s maiden name, even though it turned out they could easily access his account and cancel his service with only his phone number and birthday. Oh, and the first CSR hung up on him, but (sadly) that’s not really very newsworthy anymore.
Certegy Decides Whether Or Not Kmart Will Accept Your Check
By 4.23.08
S. wrote a check at Kmart earlier this month and it was denied. No reason was given—just “denied.”
Is Your HELOC In Danger Of Being Frozen?
By 4.22.08
If you have an open home equity line of credit you were counting on for renovations or other projects, you might want to read CNN Money’s article about how lenders are freezing them around the country. The main triggers for HELOC freezing are credit score changes and a rapid drop in home value in your area. The freeze may also be a computer-determined action, so if your HELOC suddenly goes away and you don’t think it was justified, it may be worth checking your FICO score and then contacting the lender to reopen the line or renegotiate it.
Consumers Finally Allowed To Speak Out Against Abusive Credit Card Practices
By 4.19.08
Consumers were finally allowed this week to testify in favor of a proposed Credit Cardholders’ Bill of Rights without being forced to sign waivers allowing their creditors to release private financial records to the public. The three cardholders who testified lambasted their credit card companies for penalizing them even though they abided by their cardholder agreements.
AT&T Fails To Provide Service, Holds $750 Deposit Hostage For Two Months
By 4.19.08
AT&T demanded a $750 deposit from Richard before selling him an iPhone, but couldn’t provide service because they improperly entered his address. Richard spent hours at the AT&T store trying to fix the mistake before deciding to cut his losses and recover the deposit. AT&T promised to refund his money in 7-10 days. That was two months ago. Why the hold-up? AT&T can’t issue the refund because they don’t have Richard’s proper address.
Bank of America To Stop Making Private Student Loans
By 4.18.08
Bank of America, the nation’s largest bank and one of our largest student lenders, today announced that it would stop making private student loans and instead “do more lending under a federally guaranteed program,” says the Wall Street Journal.
You Have $2.54 Trillion In Consumer Debt
By 4.7.08
The amount of new consumer debt is increasing more slowly than in previous months, growing only $5.2 billion in February, says Bloomberg. It sounds like a lot of money, but it’s a much slower rate of growth than the $10.3 billion increase in consumer credit seen in January.
Citibank Will Apply Your "No Interest Financing" Payments Anyway It Wants
By 4.7.08
Reader D has a Worst Company In America-themed success story. D writes:
The information on your website helped me get an error corrected with how Sears/Citibank credited my Sears credit card payments. Since you have Sears and Citibank going against each other today in your “worst company” tournament, I thought you might like to hear my story.
Student Loan Credit Crunch Coming?
By 4.7.08
If you’re thinking of attending an expensive college, but don’t have access to huge sacks of cash, you may have a problem says USAToday:
Are You Smarter Than A 12th Grader?
By 4.6.08
U.S. News & World Report posted an excellent six-question financial literacy quiz that most 12th graders can pass. Can you?
AT&T Won't Sell Man GoPhone Because It Can't Verify His Credit History
By 3.29.08
Nathan’s been having trouble this week buying a prepaid GoPhone from AT&T Mobility’s website. He finally found out the reason: they couldn’t verify his credit history. This is confusing because it’s a prepaid GoPhone and because his credit history is superb. “Cheryl refused to transfer me.
This Is Why You Don't Use FreeCreditReport.com
By 3.28.08
Jesus from South Texas signed up for credit monitoring at the notoriously scammy FreeCreditReport.com. He never received the confirmation email and wasn’t able to access his account, so he never used it, but forgot to call to cancel it. After three months he realized he was being charged $15 a month as per their terms of service, so he went to their site to retrieve his login credentials and was told the account didn’t exist. After that, it took him 4 calls to get the account canceled, and they would only refund him for one month of service. One of their CSRs tried to scare Jesus into keeping the account open because there had been some “suspicious activity” in his credit history that he’d be wise to monitor. Then they told him there is no phone number or email for their “customer satisfaction department”—it can only be reached through snail mail.
Leukemia Survivor Settles ID Theft Lawsuit With TransUnion; Five More Companies To Go
By 3.27.08
When Eric Drew was in the hospital being treated for leukemia five years ago, a lab technician stole his personal information and began opening up credit card accounts in his name.
By 3.17.08
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Chase is no longer increasing the rates of cardmembers based on their credit-bureau information as of March 1, 2008.
