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New Rules For Healthy Credit Score

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Card Insider:  The rules that credit-card companies have to live by changed dramatically with the enactment of new regulations last month. Now, some of the rules for consumers striving to maintain good credit are changing, too. For the most part, card holders would still do well to pay on time, keep their balances low and refrain from applying for too many credit cards at once. But some of the old tenets may not always hold up, as credit-card companies continue to adapt to the new environment and look for ways to run their for-profit businesses. Case in point: Many issuers introduced annual or inactivi...

on April 28, 2010 0

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Take Advantage of the New Credit Card Rewards

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Rewards Cards:  Companies launch incentive programs to encourage customers to pay off debt. Credit card rewards programs have traditionally featured airline miles, gift certificates, and cash back for customers who spend enough on their cards to rack up points. But recently, credit card companies have started offering a different kind of gift: They're handing out lower interest rates, refunding interest payments, and using other strategies to provide incentives for cardholders to pay down their debt and make on-time payments. The deals, however, don't always work in consum...

on November 6, 2009 0

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Weekly Credit Card Rate Report

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Best Cards:  The national average annual percentage rate on new credit card offers was unchanged this week at 12.17 percent, according to the CreditCards.com Weekly Credit Card Rate report, though banks continue to cautiously experiment in reaction to new credit card legislation. The national average credit card APR is comprised of 95 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed below. (Introductory, or teaser, rates are not included in the calculation.) The averages in nine card categories were unchanged...

on September 3, 2009 0

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Banks Cut Credit for 58M Card Holders in 1 Year

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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 ...

on August 21, 2009 0

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What Consumers Should Know About Credit Cards

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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...

on August 18, 2009 0

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New Credit Card Rules

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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...

on August 13, 2009 0

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No More Fixed Rate Credit Cards

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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 ...

on July 14, 2009 0

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