CreditCardsAct

Card Insider:  Metra on Wednesday is scheduled to roll out its new "user-friendly" Web site, which it promises will allow customers to personalize their commute and accept credit cards for the purchase of tickets. The Web site has been completely redesigned and modernized to offer passengers the latest technology, officials said. The Web site will allow commuters to create a "My Metra" account to order tickets online, create customized views of train schedules and receive personalized e-mail alerts about service updates. The Web site will also be fully accessible for Spanish-speaking users. Metra...

Card Insider:  United Airlines - demand that travel agents pay credit-card processing fees on ticket purchases would raise costs for businesses and millions of customers and should be stopped by Congress, an industry trade group said. United said in June it was making the change because of transaction expenses that have risen to “several hundred million dollars” annually. United had planned to begin levying the fees last month, and extended the start date by 60 days. Some agents will have to absorb the costs when customers buy with Vida Inc., Master Card Inc., American Express Co.  and other cards...

Card Insider:  Below is description on what goes into your FICO score: 35% - How timely you have been with payments 30% - How much you owe compared with your total available credit 15% - How long a credit history you have 10% - Whether you have recently taken on new credit/debit 10% - What mix of credit types you have Never be late on your payments -  As you see in the pie chart above, the biggest % of your credit score comes from your payment history and...

Card Insider:  Credit card companies slashed limits for an estimated 58 million card holders in the 12 months ended in April, even though a high percentage had good credit scores when their limits were cut. The widespread cuts hurt about a third of consumers, but most people did not see a big impact on the credit scores, according to a study by FICO, the company that produces the most widely known credit scores. The limited effect may be because lenders often cut limits on cards that were unused or lightly used. The statistics in some ways ...

Card Insider:  News that as many as 130 million debit and credit cards may have been breached highlights the growing risk of fraud. Here is what it means for consumers. Q: How can I tell if my information has been compromised? A: In almost every state, companies that suffer a data breach will have to notify customers if their personal data may have been breached. Meantime, consumers should monitor their bank and credit-card accounts and report any unusual activity to the financial institution. Q: How do I protect myself? A: First, get copies of your credit report to make sure the information is a...

Card Insider:  WASHINGTON (Dow Jones)--Credit card issuers, starting next week (08/17/2009), will be required to give consumers 45 days' notice before raising their interest rate or making other significant changes to a card plan's terms. Under the new rule, borrowers will have the option to decline the new rate and pay off their balance over time under the original rate. Issuers also must begin sending bills 21 days before payment is due. The new rules are the first of a number of new consumer protections to be implemented under a major credit card law enacted in May. Most of the law's changes won't t...

Card Insider:  Two provisions of the Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 take effect on Aug. 20. Most of the other rules don't apply until February. Longer bill payment period: Credit card statements will arrive earlier. Issuers must mail billing statements 21 days before the due date, up from the current requirement of 14 days. If there is a grace period (how much time you have to pay the balance in full before a finance charge incurs), it must span at least those 21 days before the due date. If you carry a balance, the grace period doesn't matter. This expan...

Card Insider:  Consumers will get their first taste of the landmark credit card reform law this month as banks become required to give at least 45 days' notice of any significant change in their card offerings. But that's just the start. Between now and February, a whole raft of new rules will take effect aimed at leveling the playing field between card issuers and consumers, who all too often have found themselves powerless to challenge onerous and abusive lending practices. "This is the biggest credit card reform we've had in...

Card Insider:  If you have a credit card, cell phone or other type of consumer contract, you almost certainly have a binding arbitration agreement in the fine print. That means you have given up your right to sue; instead an arbitrator would act as judge. The arbitrator, under most contracts, is chosen by the credit card or services company. Most consumers have no idea that they have given up these rights, simply by agreeing to take a company's services. Consumer advocates have long argued that requiring consumers to use arbitration is unfair. Now a court settlement seems to bolster their arguments, an...

Card Insider:  By PAMELA YIP / The Dallas Morning News How many consumers really understand their credit card statement and the disclosure notices that come with their bill? The better question may be: How many even read them? If you don't read your statement closely or if you throw away the envelope stuffers, you may not know that your interest rate or fees have gone up, or that your credit limit has been lowered. Fortunately, federal regulators are eliminating consumers' excuses for not studying their credit card bills by requiring card issuers to make the statements easier to understand. Fo...

Card Insider:  There is no definite number of credit cards you need to have. Most of the financial advisers believe that anyone should have as many cards as they feel they can manage responsibly. For people that pay their bills on time there are a number of benefits to have multiple credit cards, here are some examples: You should keep one credit card with a zero balance in a safe place; in case your wallet gets stolen, you'll have a credit card to use while you wait to have the stolen cards to be replaced. You will have backup in case your primary card is denied...

Card Insider:  Big issuers plan to switch some customers to variable-rate cards from fixed as credit-card reforms take effect Bank of America (BAC) and Chase (JPM) say they're switching some fixed-rate cards to variable rates to manage costs in light of the sweeping new reforms to the credit-card industry. The interest on variable-rate cards is tied to the rise and fall of the prime rate. The changes will be effective starting in August for both banks. The moves are just the latest clampdown on cardholders over the past year. To prepare for a new law that will limit banks' ability to ...

Card Insider:  by Jesse Lee It can be difficult to think of an issue that touches more people, or can get a rise out of more people, than credit card fine print, fees, and staggering interest rate hikes. For some it is an irritation, for others who may have already hit a rough patch, it can become a brutal weight. But as the legislation the President signed today goes into effect, those problems will phase out as normal parts of life for our friends, our neighbors, our families or ourselves.   It is a sweeping bill -- as you read through the ...

Card Insider:  When Fred Wilharm decided to ditch his credit cards, he reached for the chainsaw. The real-estate investor from Franklin, Tenn., sliced, drilled and shredded his credit cards in his YouTube video "The Tennessee Credit Card Massacre." Mr. Wilharm says he had just paid off $3,000 in credit-card debt after the card issuers jacked up his interest rates, and that making the video helped him deal with his anger. His only regret about the video: "Explosives would have been nice." ...

Card Insider:  Victor Blank is to step down as chairman of Lloyds Banking Group in the next year, following intense criticism of his part-nationalized British bank's purchase of troubled rival HBOS. This year's takeover of HBOS has saddled Lloyds [LLOY-LN  94.15    5.00  (+5.61%)] with billions of pounds of losses from HBOS's more risky loan book, forcing the government to provide rescue funds and prompting investors to call for Blank to quit. Lloyds said on Sunday the decision to retire was Blank's, and its board was unanimous in wanting him to seek re-election for another three years. Blank's...