Bank of America, Wells Fargo, Chase, SunTrust and Regions Bank have all announced plans to charge a monthly fee to use a debit card, running between $3 and $5 per month. And debit rewards programs look like they're next on the chopping block. JP Morgan Chase, Wells Fargo, SunTrust and Comerica have ended their debit [...]
In 2010, Bank of America reported revenues of over $25.5 billion from their global card services business, of which nearly $18 billion, or about 70 percent, came from interest. That percentage has remained fairly consistent in the credit card industry over the past decade.
A year earlier, in the last two quarters of 2009, Capital One [...]
With hundreds of credit cards available, choosing the best one can be mind-boggling. Do you want cash back? Do you want airline miles? Do you want points when you shop? So many decisions!
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Cash is king for consumers, and a cash back card is the most popular type of rewards card. Cardholders earn cash [...]
Credit cards attract star power, just like any other product.
Morgan Freeman has narrated many a Visa ad. David Spade has appeared in a few zany Capital One ads. NFL great Peyton Manning starred in some MasterCard commercials. And, of course, American Express has turned the celebrity endorsement into something of an art form.
Anyone over a [...]
I'm a student. Can I get a credit card? Do I need a co-signer? Do I need a job?
I'm a parent. Will card companies target my child at college? As a co-signer, how liable am I? What exactly are the rules now? How do they affect me?
These questions continue to puzzle students and parents in [...]
Every year at about this time, pretty much since TV was invented, the summer of reruns ends and a new fall programming season begins. Turn on the TV and you'll likely find a variety of new episodes from ABC, NBC, CBS and FOX that present realistic life dramas that sometimes poke fun at that great [...]
Over the summer, we asked a sampling of our site visitors to tell us how they spend their credit card rewards. The results of our survey show that you're a frugal lot, with plenty of spending and traveling to do! Our respondents chose from five broad credit card rewards categories, with the rankings turning out [...]
No cash? No problem. As credit card processing services reinvent themselves for the mobile era, there's now an app for that.
Credit card payment apps transform any mobile device into a cash register and credit card terminal in one. Swipe-and-charge simplicity brings mobile sales to the masses. Traveling sales representatives, small-business owners and even yard-sale bargainers [...]
There's a myth that carrying a balance on your credit cards will help your credit score. Of the Americans who use credit cards, half (about 54 percent) pay their balances in full every month, according to the Federal Reserve's Survey of Consumer Finances. But can this practice help or hurt your credit history?
In fact, it [...]
The honeymoon is over.
In the beginning of your relationship, when your credit card was all shiny and new, it attracted your attention by teasing you with a low interest rate and the promise of a lifetime of lavish rewards and lots of laughs. So you and your card hooked up, and at first, it was [...]
You might not think twice about "friending" your BFF from high school or "following" your favorite movie star. But "liking" your credit card company? Feelings aside, connecting with credit card companies on Facebook or Twitter could garner you some big rewards.
You could win free airline miles, pocket cash-back rewards, receive discounts on merchandise, or land [...]
A curious reader recently wrote in to the CardRatings.com Ask the Expert feature to ask: "Are some states better than others when using a credit card?"
Geoff Williams responds:
Interesting question and kind of open-ended, so I'm not quite sure how to answer it for you, but let me give it a whirl. Do you mean is [...]
Credit card issuers have discovered that loyalty cards and experienced-based rewards can help their products stand out in a crowded marketplace. Maybe you want to show your fan loyalty every time you open your wallet. Or, maybe you're willing to switch teams if it means getting a better deal on your daily purchases. Either way, [...]
According to the 2011 Identity Fraud Survey Report released by Javelin Strategy & Research in February, the number of identity fraud victims in the U.S. dropped 28 percent in 2010, the first decline since 2007.
However, the nightly news is rife with reports of hackers gaining access to personal financial data, keeping consumers nervous that their [...]
The Credit CARD Act of 2009 was enacted to curtail abusive practices by credit card issuers and protect consumers from out-of-control fees and interest rates that seemed to fluctuate daily. But is the CARD Act the firewall consumer advocates wanted, or just a new way to be completely confused by the fine print?
Well…both. There are [...]
Freeloader. Mooch. Deadbeat.
You'd never want your bank to call you any of these names. However, after a series of financial reforms that has upended the banking industry, lenders can't wait to issue some of their most prestigious credit cards to deadbeats.
As Inigo Montoya might have said if he were a banker in "The Princess [...]
Baggage fees, security lines and lost luggage have many consumers seeing red. For some time now, airlines have been offsetting some of those inconveniences with more generous rewards on their credit cards.
That's been a boon for consumers, but with more choices comes more confusion. Once you've got your new credit card, you don't want to [...]
Everyone knows about the FICO score, but it's not the only thing credit card companies look at when deciding how much of a credit card deal to offer you.
You probably won't be surprised to learn that credit card companies consider your revenue, or how much money comes in, when deciding whether to offer you credit. [...]
If you're tempted to fib about your income on a credit card application so you can get the best rewards credit card available, well, think again.
That little white lie could put you in the slammer.
Credit card issuers care…about your income
Prodded by federal regulations and mauled by a tough economy, banks and other credit card issuers [...]
No. 5 Most-Viewed CardRatings.com Article of 2011*
When the Credit Card Accountability, Responsibility and Disclosure Act was ushered into law, it was heralded as a way to protect consumers from unfair and deceptive practices by credit card issuers.
But while the new law provided some consumer benefits, many finer points of the CARD [...]
You've been good. Your credit cards are current. Up until now you've had stellar credit and you've been able to charge purchases to your credit card without giving it a second thought.
Now, it's uh-oh time.
You didn't see your employer headed for financial trouble. You're hanging on, but you've taken a huge pay cut.
Or, you weren't [...]
The best credit card signup bonuses have become lenders' weapons of choice in the battle for consumers with high FICO scores. Having recapitalized after 2008's financial crisis, banks now face pressure to lend that cash to borrowers with good or excellent credit scores.
Banks especially like recruiting "high churn" accounts: customers who pay down balances often, [...]
There's a lot of worry going around about the FICO credit score. It can be like a sleeping giant you don't want to wake.
Carry too much debt, and you could wake the giant and see your score plummet. Never carry debt, and the giant won't like that either. Apply for too many credit [...]
Debit card use has increased significantly during the recent economic downturn, particularly for smaller purchases, according to Pulse. But it's too soon to predict the demise of the credit card. For those who use credit responsibly, credit cards are still king.
The prudent use of credit cards can help you tremendously when it comes to buying [...]
Let's face it, it's tough to be an airline these days. The high cost of fuel. Declining stock value. Unpopular fees. Reduced access to smaller airports. And now, lost income due to Congress not reauthorizing funding for the FAA.
It's the passengers who feel the squeeze on their credit cards, but airlines aren't exactly flying high [...]