Credit Cards Act

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A Costly Loophole In the Credit CARD Act

Card Insider: The Credit Card Accountability, Responsibility and Disclosure Act banned many of the industry’s most abusive fees and practices when it went into effect last winter. But there’s a loophole in the new regulations that really bugs us. In the past, credit cards routinely applied payments to that portion of your balance being charged the lowest interest rate. If, for example, you took out a cash advance with a 29.99% interest rate but were charged only 8.99% interest on purchases, the credit card company would apply your payment to the balance with 8.99%. That way, they could keep ...

CreditCardsGuru on April 27, 2010 0

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Credit Card – Friend or Foe?

Best Cards: Some might refer to the good ol’ credit card as the Fantastic Plastic. As recent statistics have shown, credit cards in the western world are proving to be anything but fantastic, especially for those who succumb to its use. Debt quickly emerges and strangles the card owner somewhat like a Boa Constrictor strangling its host. Deceptive Plastic Perhaps it would be better referred to as Deceptive Plastic. Many card holders don’t realize what their balance is, on a day to day basis, or just how much interest they are paying on funds not paid in full by the due date. ...

Card Expert on January 22, 2010 0

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How to Quickly Find the Right Credit Card

Card Insider: If you are looking for a new type of financial product to invest in it's important that you find the right one for you and your personal needs every time. Before signing up to another product from your bank, why not use the Internet as a tool to widen your current knowledge and open your eyes to what else is out there? Whether it's a mortgage or a new credit card that you're looking for, search engines can help to pick up the thread of the subject you're investigating quickly and easily, throwing up hundreds of valuable resources to ensure you get an honest and in-depth view of the credit card...

Card Expert on December 25, 2009 0

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Credit Insurance

Best Cards: Credit insurance is commonly misunderstood, and users often accept it because it "sounds" like it should be of value. So, find out exactly what it costs, what it covers ands when and how it pays before you sign up. In its essence it is of value to a relatively small percentage of cardholders -- make sure it doesn't simply double coverage you have somewhere else (in insurance policies or through your workplace) or that it won't end up costing you more than it's worth (do some quick calculator work). You can insure yourself against being unable to pay if you are disabled or lose your job. ...

Card Expert on December 8, 2009 0

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Fight Fees with Low Fee Credit Cards

Best Cards: Do you have credit cards? Do you know exactly which fees you pay, and how much of your monthly payment is devoted to such fees? If not, you’re in good company; too many of us don’t know exactly what we’re paying for when we make our monthly payments. And card companies have been accused of making credit card terms and conditions too complicated for the average card holder to understand. What’s a consumer to do? First, know what’s out there. Fees come in the form of annual fees, late fees, penalties, fees for cash advances, fees for international purchases, and even fees for paying...

Card Expert on November 20, 2009 0

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Fed Issues Rules Restricting Gift Card Fees

Card Insider: "The rules would protect consumers from certain unexpected costs and would require...

CreditCardsGuru on November 16, 2009 0

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2009 Gift Card Study

Best Cards: Experts believe 2009 gift card purchases will bounce back from last holiday season, when spending on the cards decreased to $24.9 billion from $26.3 billion in 2007, according to the National Retail Federation. However, there's some disagreement about how much spending on gift cards will rise. "Consumers are buying gift cards that have less value -- the average value of the cards is down by $6, to $46 from $52," says Dave Sievers, principal and Consumer Products and Retail Practice lead at Archstone Consulting in Stamford, Conn. "Generally, they're buying cards that can be redeeme...

Card Expert on November 12, 2009 0

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Tips for Disputing a Credit Card Charge

Money Saver: Very often there are charges on you credit card that you never made or merchants did not reimburse you properly. Below is what you need to know to file a successful dispute: Try your other options first-A credit card dispute shouldn't be your first move. You should go to the merchant to try to resolve your problem. That might include a partial refund or credit for a future product. Watch your bill - Review your monthly credit card statement very carefully. Match up receipts to charges listed on your statement, if there are any discrepancies or unknown charges you should...

CreditCardsAct on September 1, 2009 0

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United’s Credit-Card Fee Draws Travel Agents’ Protest

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...

CreditCardsAct on August 31, 2009 0

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Banks Cut Credit for 58M Card Holders in 1 Year

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 ...

CreditCardsAct on August 21, 2009 0

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New Credit Card Rules

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...

CreditCardsAct on August 13, 2009 0

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Credit Card Reform of 2009

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...

CreditCardsAct on August 7, 2009 0

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