First we started hearing about arbitrary increases in credit card interest rates, and now this… According to a recent blurb in Money Magazine, however, credit card issuers have recently started reducing credit limits for some borrowers, even those with good credit records.
Factors that put you at risk are making an occasional late payment, living in [...]
Wow, I’m not sure how I missed this, but Visa Inc. (V) went public last week. When all was said and done, their initial public offering (IPO) ended up raising a record $18 billion. Just for the sake of comparison, this is more then ten times the value of the Google (GOOG) IPO, which raised [...]
New legislation introduced by Rep. Carolyn Maloney (D-NY) seeks to abolish “major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.” According to Maloney’s press release, the key components of the bill are that it:
- Protects cardholders against arbitrary interest rate increases
- Prevents cardholders who pay on time from being [...]
According to a recent article in Business Week, Bank of America notified some of it’s best customers that they’re rates would be increasing — in some cases up to as much a 28% APR — without providing an explanation as to why. Unlike issuers practicing universal default, Bank of America appears to be using super-secret [...]
According to a recent issue of Money Magazine, Chase has discontinued their practice of hiking interest rates if your credit score declines. This move comes on the heels of Citibank’s decisions to voluntarily eliminate their universal default provision. While none of the five major credit card issuers have been officially practicing universal default over recent [...]
This is an interesting bit of news… MasterCard recently revealed that debit card transactions now outnumber credit card transactions in their network. Despite their many drawbacks, it thus appears that debit cards are really starting to catch on.
[Source: Bloomberg.com]
According to the February issue of Kiplinger’s Personal Finance magazine, the top three cash rebate credit cards are:
» Blue Cash from American Express
» National City Everyday Rewards Visa
» Chase Freedom Cash Visa Card
All three are cited due to their generous reward programs. I’ve recently written about articles about both Blue Cash from Amex and the [...]
Did you recently receive a packet of information about a lawsuit over foreign currency conversions relating to credit and/or debit cards? If so, don’t throw it away! It likely indicates that eligible for a piece of a $336 million class-action settlement involving Visa, MasterCard, and/or Diner’s Club cards issued by major American banks including Bank [...]
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