Good news for Chase customers that got socked with a their new monthly service charge… According to recent reports, they’ll stop charging this fee in April, and will be refunding previous months’ charges.
“Beginning in April, and based on customer feedback, Chase will stop charging the $10 monthly service charge and credit the service charges billed [...]
As I’ve noted in the past, credit utilization has a major effect on your credit score. It should thus come as no surprise that recent moves by credit card issuers to reduce the credit limits of certain customers is negatively influencing credit scores.
According to a recent report in the Seattle Times, approximately 45% of US [...]
According to a recent report, Maryland could become the first state in the country to outlaw retroactive changes in credit card interest rates. The propose legislation would “prohibit card companies that change their rates from applying the new rate to debt a consumer already has incurred.”
Card issuers often adjust (i.e., increase) interest rates in response [...]
According to recent reports, American Express is offering select customers a $300 pre-paid gift card to voluntarily pay off their balance close their credit card account. There’s no word yet on how many people have received this offer. Those that receive this offer have until the end of February to accept the terms and then [...]
Remember all the news about reduced credit limits? Well, here’s an interesting development… According to a recent report on Good Morning America:
A new policy being used by at least one major credit card company judges a shopper not necessarily by his credit purchases and payments alone, but also by the fiscal behavior of the fellow [...]
According to a Federal Reserve survey of senior loan officers at major banks, the majority of banks have been tightening their consumer lending terms. In fact, over 60% of banks report that they’ve been actively lowering credit limits, with just under 40% saying that credit limits have remained unchanged.
While this accords well with the widespread [...]
With all of the talk about credit card issuers reducing credit limits, I was a bit worried this week when we received a letter from American Express. We have an Amex Blue Cash Rewards card with them and, even though we have sterling credit, I assumed that they were writing to say that they had [...]
A reader named Patty pointed me to a Wall Street Journal article reporting that Chase is raising rates and adding fees for some cardholders:
J.P. Morgan Chase & Co.’s Chase unit is raising its rates on credit-card cash advances and overdraft protection, as well as its default rate, which is triggered when cardholders exceed their credit [...]
According to a recent report from prominent banking analyst Meredith Whitney, the U.S. credit card industry is poised to cut $2 trillion worth of credit lines over the next 18 months due to risk aversion and regulatory changes. This represents a 45% decrease in consumer credit lines, which could have a dramatic impact on consumer [...]
According to a comment from a reader named ‘Karmazoic‘, the Citi credit card rate change only affects new purchases, and not your current balance. As such, it sounds like promo rates on existing balances should be safe. If you have any questions, be sure to call them and get an answer straight from the horse’s [...]
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