Just weeks after the new credit card rules went into effect, the Federal Reserve has proposed new rules to counter moves made by credit card issuers in reaction to the first set of rules.
Follow me? Okay good. See this is the problem when it comes to new regulations – they are quickly circumvented, [...]
Beginning next month, websites that offer so-called “free credit reports” will need to add a disclosure atop the page so consumers don’t confuse them with the no-strings-attached credit reports offered from the government.
By “free credit reports,” they mean those free trial credit reports that require you to sign up for an ongoing service; they’re only [...]
Discover is offering $50 cash back on their Discover® More® Card if you spend $599 in purchases during the first three months.
There’s no annual fee, and the card carries 0% APR for purchases for the first six months and 0% APR for balance transfers for the first year.
The standard APR will vary between 12.99% variable [...]
It appears as if the best borrowers out there are defaulting on the mortgage more often than the credit card, according to an analysis from Fico, the creator of the heralded Fico score.
Last year, 0.3% of consumers with Fico scores between 760-789, quite high on the 300-850 score range, defaulted on real estate loans, compared [...]
I was watching the Winter Olympics this evening when a Visa commercial popped up, claiming it was the only payment card accepted at the Vancouver games.
This seemed a bit strange, as it would make life difficult for those holding MasterCard and American Express credit cards, not to mention out-of-towners and their random assortment of credit [...]
The so-called “American Express Zync credit card” was released recently, aimed at younger consumers who wish to pay their balance off in full each month (whether they like it or not).
Like many other American Express credit cards, it’s an installment card (also referred to as a charge card) because the full balance must be paid [...]
In a few weeks, it will be a lot more difficult to get a credit card if you’re under the age of 21, at least, that’s the plan.
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 (Credit Card Bill of Rights) will go into effect on February 22, and bring with it a number [...]
All of the major credit card companies have announced they will not charge the usual transaction fees for certain donations made toward relief efforts in Haiti.
Visa, MasterCard, American Express, and Discover have all separately announced the waiving of interchange fees, typically between one to three percent of a given transaction.
So instead of charities like the [...]
Your income may become a more important factor in determining whether you’ll be approved for a credit card, according to a post in the WSJ.
The paper said beginning in February, credit card companies will be required (Credit Card Bill of Rights) to consider an applicant’s income or assets/current debt before extending credit to ensure consumers [...]
The problem with imposing new rules on credit card issuers is their ability to quickly circumvent them and come up with new ways to make money.
It’s quite evident if you look at what First Premier Bank, a subprime credit card issuer, has done recently to skirt the impending rule changes set to take effect on [...]